Morning Sun Financial Services

What Morning Sun Financial Services does

Morning Sun Financial Services is a Financial Management Services (FMS) provider that supports participant-directed Medicaid waiver programs for individuals with disabilities and elderly participants across 19 U.S. states plus the District of Columbia. Founded in 1998 in Minnesota, the company delivers three core service models — Fiscal/Employer Agent (F/EA), Agency With Choice, and Goods and Services — that handle payroll processing, payroll tax remittance, vendor payments, and record-keeping on behalf of program participants who act as common-law employers of their own caregivers. Two add-on modules extend the platform: an Electronic Visit Verification (EVV) system for caregiver time entry (mobile app, web portal, telephony, and FOB punching) and Flex Fund programs that disburse funding for housing, employment, and community-integration services.

The underlying technology is built around DCI Software's web-based time entry and payroll management platform, accessible via web portal and mobile applications, with a related company (Orion ISO) handling Minnesota operations under the same corporate umbrella. The platform supports state-specific enrollment, training resources, and reporting workflows rather than a single national product, reflecting the regulatory fragmentation of Medicaid waivers. Brand identity is mature: Morning Sun was previously known as Morning Star Financial Services, and the company positions itself as a long-standing industry leader in the participant-directed services movement.

Revenue is generated through managed-services contracts with state Medicaid agencies (e.g., Utah DSPD, Ohio Department of Medicaid, Tennessee DIDD, South Carolina SCDHHS, Louisiana OCDD/OAAS) and managed care organizations (Elevance Health, Amerigroup, BlueCare Tennessee). Pricing is not publicly disclosed; rates are negotiated state-by-state through RFPs and waiver program agreements. The go-to-market is enterprise field sales — relationship-driven, state-by-state contract pursuit with active business development led by a dedicated New Provider Representative. Headcount is reported at 101-250 employees, with the company operating as a privately held, apparently self-sustaining business with no disclosed venture or private equity ownership.

Name

Morning Sun Financial Services

Legal name

Morning Sun Financial Services

Website

https://morningsunfs.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

101–250 employees

Short description

Morning Sun Financial Services is a Financial Management Services provider supporting participant-directed Medicaid waiver programs for individuals with disabilities and the elderly across 19 U.S. states, delivering payroll, tax compliance, and administrative services through state agency and managed care contracts.

Ownership category

akta.pro rank

Product category

Medicaid Financial Management Services

NAICS

Services for the Elderly and Persons with Disabilities (624120), Health and Welfare Funds (525120)

SIC

Services-Health Services (8000), Services-Social Services (8300)

akta.pro primary industry

Medicaid Waiver / PACE-Partnered Adult Day Programs (HLADAIAM)

akta.pro secondary industry

Special Needs Adult Day Programs (Developmental/Physical Disabilities, Seniors) (HLADAIAI)

Keywords

• Financial management services
• Participant-directed services
• Medicaid waiver programs
• Fiscal employer agent
• Electronic visit verification

Headquarters

HQ city

Minnesota City

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Financial Management Services (FMS): The company provides Financial Management Services for participant-directed Medicaid waiver programs. Revenue is generated through government contracts and Medicaid-funded programs in each state they operate. Services include Fiscal/Employer Agent functions, Agency With Choice arrangements, and Goods and Services payments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Morning Sun Financial Services is a Financial Management Service (FMS) provider that supports participant-directed programs for individuals with disabilities and the elderly. The company delivers administrative services including payroll processing, payroll tax withholding, employment-related record-keeping, vendor payments, and budget administration for Medicaid waiver programs. It operates across 19 U.S. states through contracts with state Medicaid agencies and managed care organizations, offering three core service models (Fiscal/Employer Agent, Agency With Choice, and Goods and Services) supplemented by Flex Fund programs and an Electronic Visit Verification (EVV) system.

Product overview

Morning Sun Financial Services is a Financial Management Service (FMS) provider offering participant-directed services for people with disabilities and the elderly. The company's product portfolio consists of three core service models: Fiscal/Employer Agent (F/EA), Agency With Choice, and Goods and Services. These are complemented by supplementary modules including Flex Fund Programs (for housing, employment, and transition assistance) and Electronic Visit Verification (EVV) systems for time tracking. The company operates across multiple U.S. states in partnership with state Medicaid agencies and managed care organizations, providing administrative support including payroll processing, tax withholding, and record-keeping to facilitate participant-directed care programs.

Differentiator

Problem solved

Functional benefit

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core.

• Elevance HealthcoreStrategic or Co-development PartnerMorning Sun partners with Elevance Health (formerly Anthem) to support Flex Fund programs in Virginia, Ohio, South Carolina, Missouri, and Colorado. These programs provide financial assistance for housing, employment, and community integration services for individuals with disabilities transitioning to community living.
• AmerigroupcoreStrategic or Co-development PartnerMorning Sun partners with Amerigroup in Tennessee to support ECF Choices program and LTSS Flex Fund program, providing financial management services for participants with intellectual and developmental disabilities.
• BlueCare TennesseecoreStrategic or Co-development PartnerMorning Sun partners with BlueCare Tennessee to support the Katie Beckett Program and ECF Choices, providing enrollment forms and financial transaction services for children with disabilities and their families.
• Division of Services for People with Disabilities (DSPD) - UtahcoreStrategic or Co-development PartnerMorning Sun partners with DSPD in Utah to support multiple waiver programs including Autism Waiver, Community Supports Waiver, Physical Disabilities Waiver, Acquired Brain Injury Waiver, and other disability services programs. DSPD is keeping Caregiver Compensation as an ongoing program.
• Department of Health - UtahcoreStrategic or Co-development PartnerMorning Sun partners with the Utah Department of Health to support Electronic Visit Verification (EVV), various waiver programs including Aging Waiver, and healthcare-related financial transaction services.
• Department of Medicaid, Department of Aging (ODA), and Mental Health & Addiction Services (MHAS) - OhiocoreStrategic or Co-development PartnerMorning Sun partners with multiple Ohio state agencies including the Department of Medicaid, Department of Aging, and Mental Health & Addiction Services to provide FMS for various waiver and transition programs.
• South Carolina Department of Health and Human Services (SCDHHS)coreStrategic or Co-development PartnerMorning Sun partners with SCDHHS to support participant-directed services, providing enrollment, training, and financial management for programs including Community Choices Waiver and related disability services.
• South Carolina Office of Intellectual and Developmental Disabilities (SCOIDD)coreStrategic or Co-development PartnerMorning Sun partners with SCOIDD to provide FMS services for participant-directed programs, offering employer enrollment, employee timesheets, and administrative support for individuals with intellectual and developmental disabilities.
• Department of Intellectual and Developmental Disabilities (DIDD) - TennesseecoreStrategic or Co-development PartnerMorning Sun partners with Tennessee DIDD to support Choice Transition Services, helping individuals with intellectual and developmental disabilities transition to community-based living with financial management support.
• State of Louisiana Office of Aging and Adult Services (OAAS)coreStrategic or Co-development PartnerMorning Sun partners with Louisiana OAAS to support self-directed services for elderly and adults with disabilities, providing FMS for Community Choices Waiver and related programs.
• Office for Citizens with Developmental Disabilities (OCDD) - LouisianacoreStrategic or Co-development PartnerMorning Sun partners with Louisiana OCDD to support Children's Choice Waiver (CCW), New Opportunities Waiver (NOW), and Residential Options Waiver (ROW) programs for individuals with developmental disabilities.
• DCI SoftwarecoreTechnology or IntegrationMorning Sun uses DCI Software's time entry and payroll management platform for EVV time tracking, web portal access, and mobile applications used by employees and employers in participant-directed programs.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Consumer Direct Care Network: Consumer Direct Care Network provides FMS and self-directed program support across multiple states, offering payroll, tax, and administrative services for Medicaid waiver participants. It competes head-to-head with Morning Sun in participant-directed services.
• GT Independence: GT Independence is a Financial Management Services provider supporting self-directed Medicaid programs in numerous states with Fiscal/Employer Agent and Agency With Choice arrangements. Directly comparable in service model and target customer base.
• Palco: Palco is an FMS provider offering fiscal/employer agent services, payroll, and vendor payments for Medicaid waiver participants across multiple states. It competes for the same state agency and managed care contracts as Morning Sun.
• Acumen Fiscal Agent: Acumen Fiscal Agent provides FMS for Medicaid self-directed, consumer-directed, and agency-with-choice programs in multiple states, including payroll and tax administration. Closely overlaps Morning Sun's service portfolio and customer segments.
• Public Partnerships LLC (PPL): Public Partnerships is the largest US Financial Management Services provider for participant-directed Medicaid waiver programs, offering Fiscal/Employer Agent and Agency With Choice models across dozens of states. It is Morning Sun's closest direct competitor for state FMS contracts.

Emerging players

• HHAeXchange: HHAeXchange is a homecare management platform that includes EVV, scheduling, billing, and payroll functionality for home and community-based services. It intersects with Morning Sun's EVV/payroll layer and competes for technology portions of state contracts.
• CareBridge: CareBridge provides technology and clinical services for Medicaid HCBS and LTSS populations, including electronic visit verification and care management. It is an emerging competitor in the same waiver-program ecosystem where Morning Sun operates.
• Tellus (Tellus EVV): Tellus provides EVV, payroll, and billing technology for home and community-based Medicaid services, often partnering with or competing against FMS providers. Comparable in the time-tracking and payroll technology layer.

Others

• Sandata Technologies: Sandata is a leading EVV and homecare technology vendor used by state Medicaid agencies and managed care plans. It is an ecosystem technology provider rather than a direct FMS competitor, but competes at the technology layer.

Regional players

• Orion ISO: Orion ISO is Morning Sun's related company that provides participant-directed FMS specifically in Minnesota. It is comparable as an FMS provider but is regional to Minnesota rather than a multi-state competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/MorningSunFs
• Facebookfacebook.com/MorningSunFS
• LinkedInlinkedin.com/company/morning-sun-financial-services

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Morning Sun Financial Services