InnovAge at KeyBanc Forum: Strategic Growth and Challenges

On Tuesday, 18 March 2025, InnovAge Holding Corp (NASDAQ: INNV) presented at the KeyBanc Annual Health Care Forum 2025, outlining both strategic growth plans and challenges. CEO Patrick Blair and CFO Ben Adams discussed InnovAge’s leadership in the PACE market, focusing on growth opportunities and regulatory improvements while addressing potential financial risks.

Key Takeaways

• InnovAge serves approximately 7,500 seniors across 20 centers in six states, positioning itself as a leader in the fragmented PACE market.
• The company aims to double its business by optimizing existing capacity and increasing awareness through digital marketing.
• InnovAge targets a margin of 8-9% in the medium term and 10% in the longer term, starting from 3% in fiscal year 2025.
• The company is addressing past regulatory scrutiny and strengthening relationships with state officials and CMS.
• Potential FMAP reductions pose a risk, although no specific threats to PACE are currently identified.

PACE Market Overview and InnovAge’s Position

• InnovAge is the largest PACE provider, serving about 7,500 participants.
• The PACE program offers comprehensive healthcare and social services, allowing seniors to stay in their homes or assisted living facilities while saving states money.
• The market is expected to grow, with participants potentially reaching 200,000 in the next 3-5 years.

Operational Improvements and Growth Strategies

• InnovAge is focused on addressing past regulatory issues, implementing process improvements, and building stronger ties with regulatory bodies.
• The company experienced a 10% increase in census last quarter and is investing in digital marketing and CRM tools to boost awareness and optimize growth.
• InnovAge is insourcing services like hospice and pharmacy to improve compliance and cost efficiency.

Margin Trajectory and Key Initiatives

• InnovAge aims for a margin of 8-9% in the medium term and 10% in the longer term, starting from 3% in fiscal year 2025.
• Key initiatives include optimizing human resource investments, insourcing strategies, and enhancing payer capabilities.

Policy and Financial Outlook

• While no specific risks to PACE are identified, potential FMAP reductions could impact InnovAge indirectly.
• The company remains confident in achieving its margin targets over the next three years, despite potential quarterly fluctuations.

For a detailed understanding, readers are encouraged to refer to the full transcript below.

Full transcript - KeyBanc Annual Health Care Forum 2025:

Matthew Gilmore, Healthcare Services Coverage, KeyBank: Alright. Hello and good afternoon. Thank you for joining us for the Innovage presentation. My name is Matthew Gilmore and I cover healthcare services for KeyBank. Joining me on screen is Innovage’s CEO Patrick Blair, CFO, Ben Adams and Director of Investor Relations Ryan Kabuda.

Innovage is a leading operator within the PACE market, serving dually eligible seniors in a comprehensive value based care model. The company serves approximately 7,500 patients across 20 centers, in six states. This will be a fireside chat presentation, so I’ll leave the Q and A, if you have questions there’s a box to submit it and we’d welcome your questions at any time. So with that, Patrick, Ben and Ryan, welcome and thank you for joining us.

Patrick Blair, CEO, Innovage: Thank you. We’re excited to be here.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: So I have been attempting to start these conversations at a at a higher level before I, you know, torture you with some financial and policy questions. And so I really did want to start off sort of at the highest level in terms of explaining pace. I think it’s a really interesting and important subsector, but it’s still somewhat news to the investment community. I know you’ve been public for several years, but just given that it’s historically been nonprofit and that’s changed, I thought we might start there. And so, you know, Patrick, would you mind just starting off with just an overview of the PACE market?

You know, what is the value add to the to the patient into the health care system? And then sort of what what is the day in the life of of a PACE patient?

Patrick Blair, CEO, Innovage: Sure. Sure. Well, in terms of what PACE is, I like to think about it as, you know, a comprehensive healthcare program that’s made up of both medical and and social services that’s provided to dual eligibles. But, you know, they’re in essence frail elderly seniors who are, you know, nursing home eligibles. So they have had an assessment and it’s been determined that they meet the qualifications to live in an institution to be paid for by the state.

But PACE then functions as an alternative. You can think of us both as a provider of care, care delivery model, as well as a payer of care. So in many ways, we look a lot like, you know, a value based care primary care provider with a much broader scope of services than most VBC programs offer. And we’re also very similar to any other Medicare Advantage plan when we’re as we’re taking full risk for that care financially. And we have to maintain a network of providers that we refer to, hospitals and visit specialists, etcetera.

And it’s an integrated and comprehensive program that’s very personalized to someone’s needs. You know, we cover about a third of the total healthcare costs right in our centers. And that’s much more than a typical value based care model. You know, our value proposition really is we provide a personalized scope of services that allow people to stay in their homes. Or possibly if they’re in an assisted living facility, to stay in that assisted living facility where they prefer, rather than to go into, you know, an institution.

And we save the state, you know, money from from doing that. We don’t only, you know, support the the the participants as we call them, but we also support their their family members. That’s a big part of, you know, what we do is support the the family as well. And, you know, when you think about what we do for a state, you know, I sort of think what’s the value of PACE? You know, first, I think about it as we take better care of people than the government is generally able, you know, to do.

You know, we save our state partners and the federal government money. And, you know, we do this by better coordination of services, by promoting continuity of care, tackling high cost diseases, and all those things allow them to live independently. And because we’re taking capitation, we’re providing states with budget certainty. You know, we accept that risk based premium and provide that care. And we lower the rate of inflation of medical cost and the compounded value of that lower health care cost and lower inflation allows our state partners to finance other services that are important to their, you know, their to their constituents.

So, PACE is a really, you know, a terrific program. You know, it’s it really is a program that you can do well as a business and do good for the community. And it really functions as this hub of care for these frail seniors. So that’s kind of I think their value proposition as well as sort of what PACE is.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: And then just to follow-up, I’d love for you to describe for the audience, like, the day in the life of a PACE patient, if you would. I think that that may kind of really bring it home for folks.

Patrick Blair, CEO, Innovage: Yeah. So it can vary depending on their needs, but let’s just say it’s sort of not uncommon and in common that we may have a home care worker be at the home of that individual in the morning. A bus will will come to their home. That home care worker could help that individual get out of bed, could help that individual get dressed, could help that individual sort of just sort of prepare, you know, themselves for the day, and then help that individual out of their home and onto the bus. And then we bring that individual into the center.

Generally, that individual is scheduled to meet with their physician, their social worker, their therapist, sometimes there’s rehab work, sometimes there’s just physical kind of wellness work, maybe they need to see the dentist. All of that is done once they get to the center. So usually the day kicks off, they’ll have a cup of coffee, they’ll have breakfast, they’ll spend some time with their friends, who are also there on that day, and then they’ll be called into their physician’s appointment. You know, the physician will be working with them on a care plan and ensuring that all aspects of the plan of care that they agreed to are going well, and there isn’t any significant changes of condition. And then they just, in some ways, move through each of those services, while they’re at the center.

Likely, they have lunch at the center as well after all their appointments and after some social time. And then they, get back on the bus at the end of the day. And we take them home, we take that we walk them inside, we get them situated, we make sure they’re prepared for their evening and have everything they need, to ensure their safety at home, and know that they need to take their medications, which are very common. And, you know, and it starts again the next day. And this happens, you know, for all of our participants, you know, sometimes two or three days a week.

You know, that’s our goal.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: That’s great. And then, if you could talk to us about how Innovage is positioned within this market. I think investors, you know, one of the analogies that they look at is, at least to my knowledge, the last subsector that went from being nonprofit to for profit was hospice. And so they draw some parallels to that in terms of the PACE market. And without going through, you know, your history of converting, but maybe just talk to us about how Innovage is positioned within the market relative to the competitive set, and what are some of the advantages that your scaled business have relative to to the average base competitor?

Patrick Blair, CEO, Innovage: No. It’s a it’s a great question. Well, you’re you’re right. I mean, there was a a conversion from a not for profit to a for profit back in 2016, I believe. And most operators of PACE programs are not for profit.

If you think about the size of the market, I think there’s about 180 PACE programs in 33 states, in DC, but less than 82,000, participants receiving services. So we are the largest PACE provider based on the number of participants we serve in our 20 centers across six states. It’s very highly fragmented. You know, most of the operators are not for profit and, you know, but PACE is starting to see a lot of investor interest, you know, even more regulator interest because of the access it provided during the pandemic and the fact that it kept people safe and out of nursing homes during that period of time, PACE is really starting to see some, you know, growth. And I think the NPA, National PACE Association, you know, is anticipating that over the next three to five years that you could see, you know, the number of program participants reach 200,000.

That’s sort of a target that they’ve worked on. And, you know, we feel like we’re well positioned to kind of get our fair share of that growth in terms of greater awareness of the program. Advantages of our scale, in some ways, I think if I think it through an investor lens, the advantages of our scale is that, we’ve had to develop a repeatable kind of blueprint that we apply to growing our existing centers, but also integrating in acquisitions and de novo market entry. So there really is a blueprint for how to kind of operate effectively in each of those vectors. You know, because of our size in our capital position, you know, we’ve been able to make the investments in clinical and operational and financial tools and technology that frankly on a unit basis are just too costly for really small pace programs.

And, you know, a lot of those systems, whether it be Epic for electronic medical record or Oracle for our financial systems, you know, these are tools that allow us to grow and scale effectively. You know, I think that we’re now to the point where we’re able to attract some of the best talent in the healthcare industry, you know, regardless of whether they come from a PACE background or not, you know, we’re competing for talent with all of the same in the same places that the large managed care companies are or the large diversified provider organizations are. And we’re able to really attract industry leading talent, I think, now. And I think that comes from, you know, our scale. And then, you know, just sort of our capital structure, I think, you know, also affords us the ability to do, you know, things that we think could lead to the company’s, you know, growth and strategic position going forward.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: And Patrick, I wanted to ask sort of a little bit of a retrospective in terms of your, you know, your tenure as CEO. You know, you became CEO in the midst of some regulatory scrutiny on the business. I my reading of that was a lot of it was about sort of just proper documentation. But there have been some, you know, some admissions holds on some facilities that I think have mostly been listed at this point. But I I was hoping you could take a minute to talk about some of the things that you implemented, to, you know, just just to kinda clean things up and put the put the business on a proper footing going forward.

And, but if you could just take a minute to to talk about that and kinda what you’ve what you and your team have accomplished the last two years.

Patrick Blair, CEO, Innovage: Sure. Sure. Well, you know, if I look back, I kinda divide the last three years ending in calendar year ’24, I divided up into kind of eighteen month periods. You know, that first eighteen months was really focused on addressing, you know, these audit deficiencies that were identified. You know, and there were some fairly significant compliance gaps that we had to address.

Certainly, documentation was one of those gaps. But we were also, you know, at a period where the company had, you know, there was a lot of growth for the company. We brought on a lot of new patients and, you know, there were probably more manual processes than you’d like to see in a fast growing organization. And so for that, you know, that first eighteen months, you know, we were really focused on looking at all of the business processes and identifying opportunities for automation, process redesign. In some cases, you know, we had individuals with maybe more responsibility, than was appropriate at the time.

So we invested a lot in talent and, and ensuring that we had the right people in sort of the right jobs. And, you know, Epic became a big part of how we use that software platform to redesign business process. In essence, try to take, you know, some of the human risk of error in a complex program, remove that and allow the system to kind of guide us to more compliant and more automated record keeping, and reducing human error. That was a big part of what we did. We also needed just to strengthen our relationships with state officials, with CMS.

You know, I think that over time, you know, there were either changes at the states or changes within the company, and maybe some of those relationships, were not as strong as they needed to be. So, you know, I personally spent a lot of time with that. And I’d say this last eighteen months has really been about rebuilding confidence, demonstrating that we’re operationally strong and compliant, addressing suboptimal processes. And, you know, thanks to the hard work and dedication of the team, I think we find ourselves in a place now, in some ways, really having earned the right to set higher targets for ourselves. You know, we’re moving beyond focusing on what was identified as a deficiency in an audit.

And now we’re trying we’re really in a position where we’re trying to, you know, reimagine the work that we do and begin to tackle, you know, how do we go from good to great. And that really gets at this notion of building a stronger PACE platform that can take on a lot of growth and development over the next couple of years.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: Well, one of the areas where we’ve seen some strength in the business is just, you know, your your census growth in terms of the acceleration. And I think maybe last quarter for the year was up 10%, which is a, you know, that’s a great number. And, you know, maybe underneath the surface, you’ve got some newer facilities ramping. I think you also mentioned some investments you’ve made, but there’s been some on the on the sales and marketing as well. But, would would you mind just taking a couple minutes and updating us on sort of the drivers of the improvement in, in in your sense of this growth?

And if you could kinda layer on, you know, your kinda capacity utilization today versus, you know, where it could be across the portfolio.

Patrick Blair, CEO, Innovage: Yes. Yes. Definitely. Yes. You know, the sort of the the growth engine is something we put a lot of of of time into.

And frankly, we there’s more work to be to be done there. But, you know, one of the things that we, you know, we first did was really try to increase the awareness of our centers in each of our markets and really to do to pursue that with a more digital first kind of marketing strategy. And so, you know, we ultimately began working with some new digital advertising agencies that allowed us to get a lot smarter about targeting, you know, potential prospects for our program. So we started developing a very robust digital marketing campaign across, you know, all the various social channels, and we’ve seen the funnel really increase. So the number of people that are expressing an interest in pace, and Innovate’s pace is really increasing.

We built an inside kind of small inside sales team because we saw an opportunity to differentiate between the people in the field and what, you know, what was most important to be doing face to face in the field versus what could be done through an inside sort of marketing function. And so we build an inside sales team that did a really great job. We started building partnerships, stronger partnerships, I think, with referral channels like hospitals and other community based organizations. You know, I think you’ve probably seen we did a recently completed a joint venture with Orlando Health. And that’s really been an important contributor to the growth in that market and really sets us up for success in the future.

We’ve invested in our CRM tools, you know, customer relationship management that essentially allows to track interest in our program from the point of, you know, how they might respond to a digital ad all the way through the point that we’re doing a financial eligibility assessment on. We can you know, we’re now in a position we can track people all the way through our funnel and try to optimize how quickly people move through the funnel, how much we spend on each sort of layer of the funnel. So while we’re, you know, we’re certainly not at the level of the best Medicare Advantage organizations in this regard, I think we’re probably, you know, I’d be hard pressed to think of any PACE organization that’s doing a better job, you know, managing their marketing campaigns, managing their acquisition cost, managing their funnel. I think the key for us really though is how do we continue to build awareness of pace. It’s still a program that really isn’t widely known in the communities.

And, you know, I’m optimistic that as part of the administration’s, you know, policy work, we are hearing there’s a lot of interest in PACE. Whether it becomes a priority, you know, time will tell because they have some some very aspirational goals for cost savings. But we’re a big believer that PACE could be a real tool and attribute to states as they have to deal with a tougher economic environment.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: And is there a way for us to think about sort of, you know, I would the term I would use is occupancy. I I think you got the term capacity utilization, but just yeah. How does that look across the portfolio and what’s sort of the runway to, you know, optimize the current set of 20 centers that you have?

Patrick Blair, CEO, Innovage: I’ll let Ben weigh in on this one as well. But, you know, what I would say is just generally speaking, across our footprint, think of us as having about 50% capacity. So, you know, we could more than double our business, in the capacity that exists without, you know, opening another center. That capacity obviously can vary by center, and we’ve got some large new centers that contribute to that capacity in Florida. But overall, you know, we could double the business with our existing capacity.

And, you know, that’s why it’s a difficult decision for us to think about all the different ways we can grow when we think the most cost effective thing we could do right now is still the centers we have because we have capacity. And so that’s really been our focus and probably will remain our focus for the next year or so. But, you know, we continue to see a lot of opportunity to grow the business in our existing footprint.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: And then, you know, coming back to a comment you made earlier, which I think is just so interesting about, you know, the company and in the industry broadly, but, you know, the fact that you directly administer about 35% of the patient cost that, you know, you are controlling those are your employees. But then the other 65% because you are sort of a a pay by their model, you’ve got, you know, some influence on that. You also have the ability to say, well, what does it make sense for us to in source that really matters? And I thought you I thought it might be a good idea just to to talk a little bit about the areas that you have in source and what are sort of the benefits to the patients and ultimately innovate when you’re able to in source something like hospice?

Patrick Blair, CEO, Innovage: Yes. This is an area where we’re starting to spend, you know, more and more time on it. You know, it won’t surprise, you know, any of our listeners that as companies are growing quickly, you know, there’s generally a bias to speed and a bias to outsourcing, you know, focusing on what you’re great at, but then letting others who are great at a particular capability be an outsourced partner to you. And that was clearly, part of Innovage’s strategy, you know, in the past. But I think as we started building a stronger platform, started adding more experienced talent.

You know, we’d have people join the company, and the question would be, well, you know, I know how to do hospice. You know, I came from a hospice management company. Or, you know, I really understand the pharmacy business. We could do more of this ourselves. You know, I really understand the logistics of transportation.

We’re way too reliant on third parties. I know how to build a home care organization. We’re using way too many third parties for, you know, home care. And, you know, ultimately, we started just building, you know, in some ways, business plans around each of those areas that we outsource. And in some cases, the strategy isn’t just to insource or outsource, it could be, you know, a recalibration of the services that a third party is offering.

So we absorb some of what was their scope of services. We absorb that in house. And, you know, with hospice, you know, one of the things that our physicians and nursing teams quickly realized is that so much of hospice is about palliative care. And we started building a stronger palliative care capability internally. We had redundancy with an outside partner.

And we said, well, listen, if you want to continue to work with us, we’re going to cut back your scope of services. And we took on the palliative care elements of a lot of that hospice care. And the same was true from pharmacy. You know, think of us as having to administer the Part D program just like any other Medicare Advantage organization. How we bid and how we’re paid is slightly different, but conceptually, we’re administering a Part D benefit.

And we had a combination of three organizations performing some aspect of that. We had an organization with performing certain PBM functions. We had an organization that was performing certain packaging and distribution functions. And we had an organization that was helping us with some of the reporting and the analytics on all of that. Well, over time, we’ve really consolidated that.

We mentioned in our last earnings call that we purchased a pharmacy in Boulder, a small packaging and distribution pharmacy. And that’s really become a platform that allows us to take far more control over pharmacy packaging distribution than we ever had, to do it at a lower unit cost than we were paying for someone else to do for us. We weren’t giving away, in some ways, our margin to a third party, which is always the case when you’re using third parties. And whether it’s hospice, home care, transportation, durable medical equipment, or pharmacy, in all of these, we’ve seen our compliance improve, we’ve seen our patient outcomes improve, We’ve seen our patient satisfaction improve, and we reduce costs. And we’re kind of in a crawl, walk, run mentality.

We’re we’re we’ve just started these things. They’re starting to create value for the company, but but we think there’s a lot more value to be created going forward.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: Yeah. And that seems like it’s just a really interesting area. I know last call you talked about sort of network management as well. So it’s just really, just really interesting. So we hit on a little bit of growth, we hit on a little bit of the sort of operational strategy.

I was going to try to bring some of this home and and talk about sort of the margin trajectory in your objectives. I think you’re, you know, you’re sort of in the 3% margin range today, at least for fiscal twenty twenty five, which is our, you know, our estimate. I think that your targets are eight to 9%, you know, over the next two to four years and then 10% four years out, which is, you know, that’d be really, really great progress. Maybe just help us understand sort of some of the building blocks in terms of the if you know if there are sort of chunky opportunities to help sort of spike out the, you know, what gets you from here to the medium term to the to the longer term, that that would be, that would be great.

Patrick Blair, CEO, Innovage: Let me let me get started again if Ben would like to weigh in here, please, Ben. Do. You know, what I would say is, if you think about the work we’ve been doing for the last three years, you know, I think it’s important just to acknowledge, we were in a very intense turnaround period. And in some ways, the roadmap of what needed to be done was prescribed for us, because we were trying to resolve third party regulator concerns about the business. The the more quantum improvements in our business performance that we can pursue that would allow us to maintain, you know, in some ways, sort of the earnings trajectory of the last, you know, eighteen months and take that forward into the next couple of years.

And so, you know, some of the things that, you know, you can think about, you know, there, You know, one is we made a lot of investments in tools and technology that we invested in them because they would help us with better compliance and better quality of care, but also because there should be a value dividend that they create. We should be able to, you know, to do, the same amount of work or more work with the same number of people or fewer people. And so I think this notion of as we grow, not having to add the same level of resources that we had to add as we were sort of fixing or optimizing processes in the company, you know, now we’re at a place where we feel like we can start benefiting from some of those investments. And so, I think we’re going to spend a lot more time ensuring that we’ve optimized our human resource investments against the investments we’ve made to drive better compliance and better efficiency. We also have, like all companies, we’ve got a lot of variation among our centers.

So, we have centers that are performing orders of magnitude more efficiently than others. And so, the notion of bringing all of our centers up to an internal benchmark, really targeting that over time can create, you know, real value for us. So I think that, you know, there’s a lot of opportunity in some of the outsourcing to in sourcing strategies that we’ve talked about. There’s real margin expansion there. You know, the notion of growing within our existing centers as a primary strategy The sort of the marginal profitability of growing in those centers builds and is greater over time.

So, you know, in some ways, the margin profile that we have in fiscal year twenty six, you know, I think in investor day, we gave a thoughtful kind of projection of how we see that evolving over the next few years. I think we still feel very confident that we can get there, you know, over time. And I I do feel like, you know, the tools and technologies that we’ve made investments in are going to allow us to to be more efficient as a company, and we’re going to start, you know, pursuing those efficiencies without, you know, without the risk of quality or compliance concerns because we build a solid foundation. Ben, anything you would you would wanna add there?

Ben Adams, CFO, Innovage: No. I don’t think so. I think you’ve hit most of them. I guess the one thing I’d probably say is we’ve got a pretty good view of what the roadmap of actions next needs to be like over the next couple of years. So for us, when we look ahead, it’s really more of a issue of timing.

When are we actually these initiatives going to hit as opposed to if they’re going to hit. So we have a very good sense of what will happen to business. I can’t always tell you if it’s going to be in Q2 of this year or Q1 of the following year, but we have a lot of visibility in the road, Matt.

Patrick Blair, CEO, Innovage: One other I might add, Matt, is this notion of building and maturing our payer capabilities. So as I said, we spend a lot of time improving our business as a provider of care. And we’re starting to spend more time, especially with Michael Scarborough’s arrival as our new president and COO. He’s really looking at our business through the lens of a payer. And so if you think about all the payer functions that can really contribute to margin expansion over time, you know, there’s everything from, you know, being more effective in state rate setting.

You’ve got, let’s just call it sort of risk adjustment, but in many ways, I think of that as just, you know, good revenue management, maximizing, make sure that we’re paid appropriately for every person we serve, better network management, which allows us to get at lower unit costs, where possible, how we engage with providers, contract renegotiations, you know, paying claims, you know, accurately and ensuring that we’re not paying for any services we shouldn’t pay for. You know, there’s just a variety of capabilities that the larger managed care organizations leverage each year to bend medical trend. We’re just beginning to have, you know, to be thinking about how do we execute on a similar strategy. And so, you bring all those things together, they give us confidence that, you know, over the next three years, you know, we’re going to see significant improvement in our margins. To Vince point, knowing how much and what quarter, you know, that’s a tough one because we’re such a we’re a small business in many ways still.

And, you know, the denominator is small. So you’re just going to see some fluctuations quarter to quarter. But, you know, year to year, I think we’re on a really great track.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: And this is this will take us a minute over. I apologize. Hopefully, this is okay. But would would you mind just saying a comment or two on on policy? It it didn’t seem like there was a lot of focus on on pace, but anything kind of you’re paying attention to that that is worthy to call out.

Patrick Blair, CEO, Innovage: Just give me a quick We’re not hearing any specific risks to pace. I think our biggest risk at this point is related to any broad FMAP reductions, you know, across the board. I think, you know, across the board reductions appear to be, you know, off the table, but maybe we’re do seeing FMAP for expansion populations as an example.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: Which you don’t have any exposure to.

Patrick Blair, CEO, Innovage: We don’t have any exposure to them. But at the same time, the House and the Senate, I think, are still a long way from agreement on the method of the cuts that they wanna make. And, you know, we’ve gotta be prepared that as as states have to tighten their belts, it could have a, you know, a knock on effect to us through rates. But at the same time, you know, we know that the the federal and the state really love PACE and really wanna preserve PACE and ensure it’s a viable, well funded program. And so we’ll manage things as they come, but, nothing right now that’s too targeted that we’re concerned about.

Matthew Gilmore, Healthcare Services Coverage, KeyBank: That’s great. I I think we need to leave it there before they, before they take the hook out and and move us on. But, team, I I really appreciate you being here. Thanks. Thanks for your time.

It was a great update.

Patrick Blair, CEO, Innovage: Thank you. Thanks, man.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.