InnovAge Holding Corp. (NASDAQ:INNV) Q3 2024 Earnings Call Transcript

Benjamin Adams: Yes. I think if you look at our incoming participants, our freshmen who come into the program, they’ve got a good mix between folks that are sort of higher acuity, lower acuity and a good mix by living situation and they are graduating as they flow into the system, slowly changing the mix of our patients and changing our acuity mix as you would expect it to happen. I think one of the tricks is if you look at the number of people that enroll with us every single month and compare it to the overall census, you get a sense for it takes a little time for this to wash through the system. So we’re seeing what we would expect to see which is a gradual improvement on those metrics and it will take a little time before it goes through. But as we come into the right kind of mix, we’re kind of coming into alignment with the assumptions that underline PACE rates in the first place, so we’re kind of moving in the right direction. It just takes a little bit of time.

Operator: And now we turn the call back over to Patrick Blair, President and CEO, for closing remarks. Please go ahead.

Patrick Blair: I’d just like to say again how much we appreciate your interest in the organization. We’re excited about the progress and momentum that we have. And we’ll be back with you next quarter and hopefully talk about additional progress we’re making. Have a terrific evening.

Operator: This does conclude today’s conference call. You may all disconnect.