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InnovAge Finalizes Purchase of NewCourtland LIFE Program

August 7, 2018

Denver, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Denver-based InnovAge has finalized its acquisition of the LIFE program in Pennsylvania from NewCourtland Senior Services. The Living Independently for Elders (LIFE) program 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. Participants in LIFE are primarily dually eligible for both Medicare and Medicaid. The LIFE program is known nationally as the Program of All-inclusive Care for the Elderly (PACE).

The four LIFE centers included in the acquisition are in the Philadelphia neighborhoods of Allegheny, Germantown, Roosevelt, and St. Bart’s. The four centers currently serve more than 650 seniors and have more than 320 full-time employees. The deal also includes plans to open two more LIFE centers in Philadelphia in the coming years.

“For more than 20 years, PACE/LIFE has been the core of our business,” said Maureen Hewitt, InnovAge president and chief executive officer. “Our passion and mission at InnovAge is to provide services to the most vulnerable seniors to help them age in their own homes with dignity. We look forward to bringing LIFE to more eligible seniors in Pennsylvania.”

“The healthcare delivery system is changing, in Philadelphia and nationwide,” said Gail Kass, president and chief executive officer of NewCourtland Senior Services. “Our decision to transfer ownership to InnovAge is consistent with our history of responding to the changing needs of aging seniors.”

InnovAge now operates 13 PACE centers in five states, serving nearly 5,000 seniors. It’s the largest PACE provider in the U.S. based on participants served.

Today, NewCourtland owns and manages over 300 affordable senior housing units at three senior communities in Philadelphia, two senior centers, a service coordination program which serves 22 affordable housing sites, and a 180-bed skilled nursing facility.

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 operates PACE centers 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 NewCourtland Senior Services. NewCourtland Senior Services is a Philadelphia-based, non-profit organization that provides thousands of low-income seniors with affordable housing, healthcare, and supportive services which are customized to meet each individual’s unique needs. Over the next fifteen years, NewCourtland has plans to address the growing need for affordable senior housing by building 2000 units for seniors. To learn more, visit www.NewCourtland.org or call 1-888-530-4913.

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Sarah Rasmussen InnovAge 720-646-0312 srasmussen@myinnovage.com Mike Hagarty NewCourtland Senior Services 215-965-2384 mhagarty@newcourtland.org

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