InnovAge, the only publicly traded Program of All Inclusive Care for the Elderly (PACE), narrowed losses in the company’s third fiscal quarter, which ended March 31. InnovAge reported a $0.02 per share loss for the quarter compared to a $0.09 per share loss during the same period in 2021. The company lost $3.1 million in net income for the third quarter versus $10.9 million in the same quarter of 2021.
“We ended the fiscal third quarter with a census of approximately 6,800 participants and generated $177.4 million of revenue,” InnovAge President and CEO Patrick Blair said in a statement. “Our results reflect the significant transformation we are undertaking.”
Blair took the reins of InnovAge in January, following the ouster of former CEO Maureen Hewitt. Hewitt left the Denver-based firm after the Centers for Medicare and Medicaid Services suspended enrollment at its PACE programs in Colorado and California, saying InnovAge failed to provide necessary items and services covered under PACE.
Blair said InnovAge is making progress remediating the deficiencies outlined in the CMS audit that resulted in the enrollment suspension.
“Through our One InnovAge initiative, we intend to propel the company forward creating operational excellence as a provider, expanding our payer capabilities, and strengthening our enterprise functions to be successful at a national scale,” Blair said.
InnovAge operates PACE programs in five states. The program provides dual eligible Medicare and Medicaid enrollees comprehensive medical and social programs at 18 centers, while letting them remain in their homes and communities.
