Full Press Release Details
InnovAge Diversifies Board of Directors
with New Independent Director
DENVER, March 30, 2023
(GLOBE NEWSWIRE) - InnovAge Holding Corp. ("InnovAge") (Nasdaq: INNV), an industry leader in providing comprehensive
healthcare programs to frail dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced
the appointment of Patty Fontneau to its Board of Directors, effective immediately.
Fontneau joins InnovAge's Board as Pavithra Mahesh of Apax Partners
and Caroline Dechert of Welsh, Carson, Anderson & Stowe simultaneously step down from their positions with the Board. These changes
maintain the participation of the investment firms while adding additional independent and community representation on the Board. The
InnovAge team and Board thank Ms. Dechert and Ms. Mahesh for their service.
"We are thrilled that Patty is joining the InnovAge Board,"
said Chairman Jim Carlson. "Patty's executive leadership roles in both Colorado's public health insurance marketplace
as well as on the national and global stage with Cigna make her an ideal fit for the InnovAge Board. Patty brings tremendous payor-side
experience to further enhance and balance the diverse skills on the Board."
"We are pleased to welcome Patty to the InnovAge
Board," said Patrick Blair, President and CEO. "Patty's deep experience in healthcare services operations with
strong regulatory oversight will be invaluable to Innovage as we grow our business and pursue our mission to help more seniors live
independently on their terms."
"As a Colorado resident and health
care leader, I admire InnovAge's dedication to providing care for our state's seniors," said Fontneau. "I'm
honored to join the InnovAge Board and look forward to working alongside the leadership team as they enable seniors to continue
to stay in their homes longer and help ensure they receive the care and support they need."
Fontneau is currently the CEO of Reach Out and Read Colorado, an organization
that works with health care providers to provide age and language appropriate books to new parents, and to educate them on the importance
of reading to their children. Previously, Fontneau was the President of the Benefit Exchange and Technology Solutions Business for global
health services company Cigna where she led the U.S. private exchange business, Cigna's proprietary exchange and benefit administration
platform, and the company's participation in other private exchanges across the country. Prior to Cigna, she was CEO for Connect
for Health Colorado, the public health insurance marketplace for individuals, families, and small businesses in Colorado. She led the
organization from its planning stage through its successful implementation and opening in 2013 and was responsible for bringing private
health insurance to more than 150,000 Coloradans in its first year.
InnovAge is a market leader in managing
the care of high-cost, dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). With a mission of enabling
older adults to age independently in their own homes for as long as safely possible, InnovAge's patient-centered care model
is designed to improve the quality of care its participants receive while reducing over-utilization of high-cost care settings. InnovAge
believes its PACE healthcare model is one in which all constituencies - participants, their families, providers, and government
payors - "win." As of Dec. 31, 2022, InnovAge served approximately 6,460 participants across 18 centers in
five states. https://www.innovage.com/.
Sarah Rasmussen, APR