Health Management Associates

What Health Management Associates does

Health Management Associates (HMA) is an independent, privately held research and consulting firm founded in 1985 and headquartered in Okemos, Michigan. The company specializes in publicly funded healthcare, with deep domain focus on Medicaid, Medicare, and the ACA Marketplace, serving federal, state, and local government agencies, health systems, health plans, providers, community-based organizations, foundations, and investors. HMA operates from 25+ office locations across the United States with on-the-ground expertise in all 50 states and maintains a staff of over 700 healthcare consultants covering policy, actuarial, clinical, operational, and technology disciplines. Core service offerings include Medicaid and Medicare policy consulting, managed care advisory, behavioral health strategy, actuarial and financial analytics, value-based care advisory, IT advisory, and quality and accreditation services. The company also operates HMA Information Services (HMAIS), a subscription-based data platform providing state-by-state Medicaid/Medicare enrollment, financial performance, and RFP calendar data.

HMA has built its capabilities through an active acquisition program, completing 12+ deals since 2020 that have added specialized firms spanning policy consulting (Burns & Associates), value-based care and government relations (Leavitt Partners), actuarial consulting (Wakely, Cirdan, Edrington), revenue cycle management (MARSI), strategic communications (Lovell, 720 Strategies), and state agency technology implementation (HealthTech Solutions, March 2026). The HealthTech Solutions acquisition is the most strategically significant, adding a modular cloud-based platform for Medicaid-focused technology, analytics, and compliance solutions along with 300+ professionals, vertically integrating HMA from pure advisory into multi-year state systems modernization work. The firm generates revenue through three primary mechanisms: project-based consulting engagements, retainer arrangements with government agencies and healthcare organizations, and recurring subscription revenue from HMA Information Services.

HMA goes to market primarily through direct enterprise sales supported by a national office network, heavy thought-leadership content production (weekly newsletter, podcast, webinars, blogs, reports), conference presence, and referrals from government agencies and existing clients. Leadership is led by Founder and President/Chairman Jay Rosen and CEO Chuck Milligan, with a recently expanded C-suite including the firm's first Chief Growth Officer (Matt Allen), a Chief Development Officer (Tim Spillane), and a CIO (Evan Terry). Former HHS Secretary Michael O. Leavitt serves as Senior Advisor following the acquisition of Leavitt Partners.

Name

Health Management Associates

Legal name

Health Management Associates

Website

https://healthmanagement.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Health Management Associates is a national healthcare and human services consulting firm specializing in Medicaid, Medicare, and publicly funded healthcare policy, serving government agencies, health systems, and health plans across all 50 states.

Ownership category

akta.pro rank

Product category

Healthcare Consulting Services

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Public Health Program Administration & Operations (HLAJAMAB)

Keywords

• Healthcare consulting services
• Medicaid policy advisory
• Medicare consulting
• Actuarial analytics services
• Managed care advisory

Headquarters

HQ city

Lansing

HQ country

United States

HQ region

North America

Offices26 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Consulting and Advisory Services: Professional consulting services provided to government agencies, health systems, health plans, and healthcare organizations. Revenue is generated through project-based engagements and retainer arrangements.
2. Subscription-based Information Services: HMA Information Services (HMAIS) provides subscription-based access to Medicaid and Medicare data, including state-by-state overviews, enrollment data, RFP calendars, and a public documents database. Recurring subscription revenue model.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels10 records

Core offering

Health Management Associates is a national healthcare and human services consulting firm providing advisory, policy, actuarial, analytics, and implementation services to government agencies, health systems, health plans, and providers focused on publicly funded healthcare. The firm also operates HMA Information Services, a subscription-based Medicaid and Medicare data platform, and offers community health consulting through HMA Community Strategies.

Product overview

Health Management Associates (HMA) is a national healthcare and human services consulting firm offering a portfolio of advisory services and specialized solutions. The company's core offerings include policy and regulatory consulting, actuarial services, analytics, behavioral health, managed care advisory, IT advisory, and Medicaid consulting. HMA operates several acquired brands including Burns & Associates (health policy and HCBS programs), Crestline Advisors (RFP responses and network management), Leavitt Partners (value-based care), Lovell Communications (strategic communications), 720 Strategies (public affairs), and Wakely Consulting Group (actuarial consulting). The firm also operates subscription-based data services through HMA Information Services and community-focused consulting via HMA Community Strategies. The recent acquisition of HealthTech Solutions (March 2026) vertically integrates technology implementation capabilities, adding a modular cloud-based platform for state Medicaid agency systems modernization to HMA's existing advisory-first model.

Differentiator

Problem solved

Functional benefit

Brands

• HMA Community Strategies: Community-focused consulting services addressing social determinants of health, community partnerships, and population health initiatives.
• HMA Information Services
• Leavitt Center for Alliances

Products and services

• HMA Information Services (HMAIS)

Quantifiable outcome

• HMA analysis found that Medicare beneficiaries with treatment-resistant depression incur approximately $8,000 more per person per year in healthcare costs
• +1 more outcomes

Named customers8 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• National Alliance on Mental Illness (NAMI)coreStrategic or Co-development Partner · 12 May 2026NAMI and HMA launched the National Collaborative for Crisis Systems Innovation, a national initiative to advance sustainable behavioral health crisis care across the United States. The Collaborative serves as a national hub for coordination, learning, and action, bringing together public and private stakeholders to strengthen the 988 Suicide & Crisis Lifeline and broader behavioral health crisis continuum.
• KFFcoreStrategic or Co-development PartnerKFF and HMA collaborated on an analysis of Medicaid behavioral health coverage trends, producing research on mental health and substance use expansion patterns and fiscal pressures facing state Medicaid programs.
• OsmindminorStrategic or Co-development PartnerHMA collaborated with Osmind (a healthcare technology company focused on psychiatry practices) on a treatment-resistant depression report. Osmind's Chief Medical Officer contributed expertise and clinical perspective to the research findings.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sellers Dorsey: A healthcare consulting firm focused on Medicaid financing, value-based payment, and provider strategy, serving state agencies, MCOs, and providers. Comparable to HMA specifically in Medicaid revenue/financing advisory and managed care strategy work.
• Manatt Health: The healthcare consulting arm of Manatt, Phelps & Phillips, providing Medicaid, Medicare, and health system strategy advisory to states, plans, and providers. Highly comparable to HMA in client mix (state Medicaid agencies, managed care plans) and advisory scope (policy, program design, value-based care).
• Avalere Health: A healthcare policy consulting and data analytics firm advising biopharma, plans, providers, and government on Medicare/Medicaid policy, reimbursement, and market access. Directly comparable to HMA in policy depth, federal health policy expertise, and data-driven advisory offerings.
• The Lewin Group: A healthcare consulting and policy research firm (now part of Optum) advising government and commercial clients on Medicaid, Medicare, and health system transformation. Closely mirrors HMA's government-focused practice with comparable research and analytics capabilities.
• Mathematica Policy Research: An independent research and evaluation firm conducting large-scale health and human services policy research for federal and state agencies. Comparable to HMA on program evaluation, technical assistance, and federal contract-driven policy research engagements.
• Public Consulting Group: A healthcare and human services consulting firm serving state and local government agencies on Medicaid, behavioral health, and public program operations. Similar mid-size independent consulting profile to HMA with overlapping state agency client base and program modernization focus.
• NORC at the University of Chicago: An independent research organization conducting health policy, public health, and social science research for federal and state agencies. Compares to HMA on Medicaid and public health research/evaluation engagements and federal contract-driven advisory work.

Broad incumbents

• Mercer (Oliver Wyman): A global consulting firm with substantial U.S. healthcare practice advising health systems, payers, and government on strategy, actuarial, and benefits. Comparable as a competitor for large Medicaid managed care and health plan engagements, but operates at much larger scale and broader scope than HMA.
• Booz Allen Hamilton: A large federal consulting firm with a significant health and civil government practice serving CMS, state Medicaid agencies, and federal health programs. Competes with HMA on state Medicaid modernization contracts but at much broader scale and with deeper federal contracting infrastructure.

Others

• KFF (Kaiser Family Foundation): An independent health policy research organization producing widely cited analysis on Medicaid, Medicare, and uninsured populations. Comparable to HMA in policy research output and they have an explicit collaborative relationship (joint Medicaid behavioral health analysis), but KFF is a non-profit rather than a commercial consulting peer.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hmaconsultants
• YouTubeyoutube.com/@HealthManagementAssociates
• LinkedInlinkedin.com/company/health-management-associates

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Health Management Associates