INNV - InnovAge announces lifting of Colorado enrollment sanctions

The shares of elderly care provider InnovAge Holding ( NASDAQ: INNV ) gained Tuesday after the company announced the release of enrollment sanctions on six of its Colorado centers and the permission to resume enrollment.

The decision by the Centers for Medicare & Medicaid Services (CMS) and the Colorado Healthcare Policy and Finance Colorado clears InnovAge’s ( INNV ) elderly care centers in Aurora, Denver, Lakewood, Northern Colorado, Pueblo, and Thornton for enrollment.

Despite sanctions clearance, the company will have to address the issues identified during validation audits by implementing post-sanction remedial measures and monitoring activities.

Meanwhile, CMS has also lifted the enrollment sanction on InnovAge’s ( INNV ) PACE center in Sacramento, California, but the California Health Care Services department has yet to issue its decision.

In late 2021, InnovAge ( INNV ) announced regulatory sanctions against its Colorado facilities based on findings of an audit the CMS conducted early part of the year.

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