Jamie Perse's questions to InnovAge Holding (INNV) leadership • Q4 2025
Question
Jamie Perse sought clarification on the timing and impact of Medicaid redeterminations on census and member month progression, and whether gross enrollment trends are expected to continue.
Answer
CEO Patrick Blair clarified that new internal processes for identifying and disenrolling participants who lose Medicaid eligibility will create a headwind in the first half of fiscal year 2026, washing through by January. He emphasized that this strategic decision, while slowing top-line census growth, is expected to significantly boost EBITDA. Patrick Blair also confirmed that cost of care and G&A, driven by efficiencies in center-provided care and administrative scaling, are the primary areas for continued margin improvement in fiscal year 2026.