PACE is a Medicare managed care benefit intended to prolong the independence and enhance the quality of life of frail beneficiaries by providing solutions to the service delivery problems encountered by those who remain living in the community. This report estimated the effect of PACE on indicators of quality of care such as health management, health care utilization, health status, and participant satisfaction by comparing survey responses of PACE participants to a matched sample of individuals who were eligible for PACE but did not participate in the program. Overall, PACE improved health management outcomes, increased preventive care, and reduced hospital use, though the program did not show significant improvements in participant health status or satisfaction.