InnovAge Finalizes Acquisition of Two Riverside PACE Centers
October 01, 2018
InnovAge has finalized its acquisition of two Virginia PACE centers formerly part of Riverside Health System. The Program of All-inclusive Care for the Elderly (PACE) is an alternative to nursing homes and is designed to keep seniors living in their own homes and communities for as long as safely possible. Most seniors in the program are primarily dually eligible for both Medicare and Medicaid.
The two centers included in the acquisition are located in Richmond and Newport News, Virginia. Currently, the two locations combined serve more than 400 seniors.
“For more than 20 years, PACE has been the core of our business,” said Maureen Hewitt, InnovAge president and chief executive officer. “Our focus is ensuring that seniors have the chance to age independently and live life on their terms. We look forward to expanding PACE to more eligible seniors in Virginia.”
“The agreement with InnovAge allows us to continue to serve participants through the Riverside Health System’s broad range of healthy aging services,” said Sally Hartman, senior vice president of Riverside Health System.
In August, InnovAge acquired four centers in Philadelphia, PA. With the Riverside acquisition, InnovAge becomes the largest PACE provider in the country, serving more than 5,000 participants across five states and 15 centers.
About InnovAge. InnovAge is committed to empowering seniors and caregivers by creating a personalized roadmap for aging based on an individual’s unique and evolving needs. InnovAge has supported and cared for thousands of seniors since 2001 and currently operates in California, Colorado, New Mexico, Pennsylvania, and Virginia, with more than 1,600 employees. InnovAge is headquartered in Denver, Colorado. For more information, visit www.MyInnovAge.com.
About Riverside Health System. A regional leader in providing health care since 1916, Riverside Health System seeks to deliver care and services – as a team – by putting patients and residents at the center of all operations. Riverside delivers a variety of health care services and programs in the areas of prevention, acute care, aging-related services, rehabilitation, ambulatory care, diagnostic care, education, and home care. The Riverside Health System operates five acute care hospitals, a behavioral health facility, continuing care retirement communities, assisted living apartments, skilled nursing, residential memory support, and home health and hospice. Riverside is the largest provider of healthy aging related services in Virginia. The company employs more than 10,000 team members in offices throughout Eastern Virginia.