Company Directory - InnovAge Holding Corp.
Company Details - InnovAge Holding Corp.
InnovAge Holding Corp.
WebsiteInnovAge Holding Corp. is a healthcare services company that specializes in providing comprehensive health care programs for seniors, focusing on improving their quality of life through personalized care and support services.
CCI Score
CCI Score: InnovAge Holding Corp.
-31.22
0.02%
Latest Event
Class Certification in Securities Fraud Lawsuit
On January 9, 2025, a U.S. District Court granted class certification in a securities fraud lawsuit against InnovAge Holding Corp. The lawsuit, brought by several institutional investors, alleges that the company misrepresented its regulatory compliance and the quality of its care model during its transition from a nonprofit to a for-profit entity, contributing to significant investor harm.
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TOADIE
InnovAge Holding Corp. is currently rated as a Toadie.
Latest Events
- JAN092025
On January 9, 2025, a U.S. District Court granted class certification in a securities fraud lawsuit against InnovAge Holding Corp. The lawsuit, brought by several institutional investors, alleges that the company misrepresented its regulatory compliance and the quality of its care model during its transition from a nonprofit to a for-profit entity, contributing to significant investor harm.
-40
Business Practices and Ethical Responsibility
April 8
The lawsuit reveals allegations that InnovAge engaged in misleading business practices by overstating compliance and care quality to attract investors following its conversion and IPO. Such behavior underscores a disregard for ethical responsibility and regulatory standards, aligning with broader concerns over profit-driven mismanagement in critical healthcare services.
- DEC062023
Workers at InnovAge decisively voted to join SEIU Local 668 at four Philadelphia sites in Philadelphia, overcoming union-busting tactics to demand better wages and improved working conditions.
+80
Labor Relations and Human Rights Practices
April 8
The article reports that InnovAge workers organized and voted overwhelmingly to join SEIU Local 668, asserting their rights to unionize despite facing union-busting tactics. This strong move for labor rights supports fair treatment and worker empowerment, aligning with progressive and anti-authoritarian principles.
- JUL012023
Following the lifting of CMS and state sanctions in early 2023, InnovAge executed sweeping layoffs in its compliance, quality, and nursing departments along with cancelling specialist referrals, actions that have compromised the quality of care for low‐income seniors and increased regulatory risks.
-75
Business Practices and Ethical Responsibility
April 8
InnovAge’s decision to drastically reduce staffing in critical compliance, quality, and nursing areas, immediately after CMS lifted sanctions, reflects a cost-cutting measure that jeopardizes patient care standards and ethical responsibility in business practice. This move not only increases the likelihood of regulatory non-compliance but also directly impacts vulnerable, low-income seniors relying on the PACE program.
-70
Labor Relations and Human Rights Practices
April 8
The mass layoffs and abrupt termination of compliance and quality personnel undermine labor relations and human rights practices, exemplifying a disregard for worker stability and the overall welfare of patients. These actions reflect a broader pattern of prioritizing cost-cutting over the ethical treatment of both employees and the vulnerable population served.
- MAY192023
A lawsuit unsealed on May 19, 2023 alleges that InnovAge Holding Corp.'s leadership ignored red flags dating back to 2021, resulting in regulatory sanctions, chronic understaffing at eldercare facilities leading to compromised patient care, and instances of overbilling the federal government. Notably, board members including former Florida Gov. Jeb Bush and Ted Kennedy Jr. are named in the suit.
-60
Business Practices and Ethical Responsibility
April 8
The lawsuit accuses InnovAge's leadership of ignoring clear warning signs that resulted in regulatory sanctions, understaffing, and unethical overbilling practices, reflecting a significant lapse in business ethics and accountability.
InnovAge Board Sued Over Staffing Problems at Eldercare Centers
-50
Labor Relations and Human Rights Practices
April 8
The allegations of chronic understaffing raise serious concerns about the company's adherence to labor relations and human rights practices, potentially compromising both worker conditions and patient safety.
InnovAge Board Sued Over Staffing Problems at Eldercare Centers
- JUN222022
A lawsuit alleges that InnovAge prioritized aggressive patient enrollment for profit over providing adequate healthcare for seniors, including accusations of record deletion, inadequate specialist care, and misrepresentation to investors, leading to multiple regulatory actions.
-80
Business Practices and Ethical Responsibility
April 8
InnovAge is accused of engaging in unethical business practices by focusing on rapid enrollment and profit, while neglecting the quality of care for vulnerable seniors. Allegations such as instructing staff to delete overdue medical care records and ignoring critical staffing shortages indicate a systemic prioritization of profit over duty of care, which undermines ethical responsibility and harms both patients and investors.
- SEP282021
Investors have filed a lawsuit alleging that InnovAge's aggressive enrollment practices prioritized profit over the quality of care for seniors, resulting in patient dissatisfaction, regulatory sanctions from CMS, and a leadership change after investigations by state authorities.
-60
Business Practices and Ethical Responsibility
April 8
The lawsuit accuses InnovAge of prioritizing rapid enrollment to boost revenues at the expense of delivering proper healthcare. This focus on profit undermined the well-being of vulnerable seniors—a key patient group—and represents unethical business practices. Such actions have contributed to regulatory interventions, including a CMS audit and state investigation, ultimately leading to a leadership change. This set of behaviors harms public trust and violates ethical standards in healthcare service provision.
Investors file suit against InnovAge, claiming securities fraud
- MAR292021
Regulators, former employees, and patient families have raised concerns that InnovAge's shift to a for-profit model has led to aggressive enrollment practices aimed at boosting government funding at the expense of patient care quality and adequate staffing, prompting regulatory complaints and operational shortcomings.
-65
Political Contributions and Lobbying Efforts
April 8
InnovAge has engaged in extensive lobbying efforts—spending hundreds of thousands of dollars—to secure legislative changes favorable to its for‐profit conversion and expansion. This political activity is seen as prioritizing corporate revenue over patient welfare and regulatory accountability.
-75
Business Practices and Ethical Responsibility
April 8
The company's strategy to aggressively increase enrollment to maximize government funding has compromised patient care quality, resulting in staffing shortages, delays in medication delivery, and neglect of proper patient services. This business practice raises serious ethical concerns over its commitment to quality care.
-40
Regulatory Capture
April 8
The company's for-profit conversion and minimal corrective response from regulators suggest an exercise of economic influence potentially amounting to regulatory capture, undermining public oversight and exacerbating issues in care delivery.
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Industries
- 621610
- Home Health Care Services
- 623110
- Nursing Care Facilities (Skilled Nursing Facilities)
- 624120
- Services for the Elderly and Persons with Disabilities