Turning Silver Into Gold? Another “Advancement” in Non-Institutional Senior Care
The New York Times on Sunday had an exceptionally well written and important article about the latest trend in senior care. For-profit companies are now allowed to participate in PACE, the Program of All-Inclusive Care for the Elderly, a Medicare- and Medicaid-approved program designed to permit innovation in care that doesn’t require residence in high-priced settings such as traditional nursing homes. Sarah Varney writes:
Inside a senior center here [in Denver], nestled along a bustling commercial strip, Vivian Malveaux scans her bingo card for a wining number. Her 81-year-old eyes are warm, lively and occasionally set adrift by the dementia plundering her mind.
Dozens of elderly men and women — some in wheelchairs, others whose hands tremble involuntarily — gather excitedly around the game tables. After bingo, there is more entertainment and activities: Yahtzee, tile-painting, beading.
But this is no linoleum-floored community center reeking of bleach. Instead, it’s one of eight vanguard centers owned by InnovAge, a company based in Denver with ambitious plans. With the support of private equity money, InnovAge aims to aggressively expand a little-known Medicare program that will pay to keep oldr and disabled Americans out of nursing homes.
The feature-length article details how “private equity firms, venture capitalizes and Silicon Valley entrepreneurs have jumped” onto the PACE niche. For more on this important development, read Private Equity’s Stake in Keeping the Elderly at Home.
My thanks to Laurel Terry and Karen Miller for sharing this article with us.