regulatory
confidence high
sentiment negative
materiality 0.85
CMS suspends new Medicare enrollments at InnovAge Colorado PACE; guidance withdrawn
InnovAge Holding Corp.
- CMS suspended new Medicare beneficiary enrollment at InnovAge Colorado PACE effective Dec 23, 2021 due to audit deficiencies.
- Deficiencies include failure to provide covered services, ensure 24/7 care, and coordinate care across settings.
- Colorado HCPF verbally communicated similar Medicaid sanctions; written notice pending.
- Company withdraws fiscal year 2022 guidance due to enrollment freeze.
- Suspension remains until CMS determines deficiencies remedied; company evaluating appeal options.