InnovAge and Tampa General Hospital form joint venture for senior care

TAMPA - InnovAge Holding Corp. (NASDAQ:INNV) and Tampa General Hospital announced Friday a new joint venture for InnovAge’s Tampa PACE center, aimed at expanding care options for seniors across Hillsborough, Pasco and Hernando counties. The healthcare provider, with a market capitalization of $467 million, appears undervalued according to InvestingPro analysis.

The partnership combines InnovAge’s Program of All-inclusive Care for the Elderly (PACE) model with Tampa General’s healthcare expertise to serve clinically frail and underserved seniors in the region. The company has demonstrated strong revenue growth of 12% over the last twelve months, though InvestingPro data indicates some short-term liquidity challenges.

The InnovAge Florida PACE center in Tampa spans 35,000 square feet and can accommodate approximately 1,300 seniors. The facility provides comprehensive services including primary and specialty medical care, dental services, rehabilitation therapies, transportation, meals, and social activities.

Tampa General Hospital, ranked as the top hospital in the Tampa Bay region for the tenth consecutive year according to U.S. News & World Report’s 2025-2026 rankings, is recognized among the top 10% of U.S. hospitals in Geriatrics.

"We are thrilled to partner with Tampa General Hospital, an organization that shares our deep commitment to improving the health and quality of life of the communities we serve," said Patrick Blair, InnovAge CEO, in the press release.

John Couris, Tampa General Hospital President and CEO, stated, "InnovAge shares our vision of a healthier community for everyone, including our most vulnerable seniors."

The PACE program is designed to help seniors live independently at home while receiving coordinated medical, dental, therapy, and social services, often at no cost for those with dual Medicare and Medicaid coverage.

As of March 31, 2025, InnovAge served approximately 7,530 participants across 20 centers in six states. For investors seeking deeper insights, InvestingPro offers an extensive research report on INNV, along with additional financial metrics and analysis tools to evaluate healthcare sector investments.

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