Healthcare Affiliates

What Healthcare Affiliates does

Healthcare Affiliates, Inc. (HAI) is a privately-held U.S. healthcare consulting firm founded in 1992 and headquartered in Bel Air, Maryland, specializing in third-party reimbursement recovery for hospitals and healthcare providers. The firm operates on a contingency basis, offering nine consulting service lines that include Disproportionate Share Hospital (DSH) adjustment projects, Area Wage Index (AWI) annual submissions, Medicare Post Acute Transfer Policy reviews, Allied Health and ESRD adjustments, Home Health Reviews, Managed Care Contract Reviews, Employee Benefit Costs reviews, and Specialized Billing Issues (outliers, blood deductibles). HAI's core methodology combines data obtained under the Freedom of Information Act with cumulative learnings from more than 1,500 consulting engagements to identify Medicare and governmental reimbursement recovery opportunities, with a reported 96% engagement success rate and cumulative client recoveries exceeding $500 million since inception.

HAI delivers services through direct, field-based consulting engagements that include site visits, sample surveys, and intermediary-audited submissions, with payment due only 30 days after the client receives additional reimbursement or credit. The senior management bench comprises CPAs, a Health/Benefits attorney, and veterans with 33-44 years of healthcare finance experience, including former CFOs of regional medical centers and former Medicare staff auditors. The firm serves approximately 400+ clients across 41 states including the District of Columbia and Puerto Rico, with named engagements ranging from large academic medical centers (Johns Hopkins, Yale-New Haven, Vanderbilt) to community hospitals (Ed Fraser Memorial, Sarasota Memorial, Baptist-Pensacola).

The business is sustained by project-based, contingency-only fees tied to successful reimbursement recovery, with no upfront costs to clients. Distribution is sales-led, leveraging proprietary profiling techniques that pre-identify facilities with specific reimbursement opportunities, supplemented by industry presentations (HFMA chapters), client testimonials, and reference networks. The firm holds no disclosed venture capital or private equity backing, and ownership appears concentrated in founder/management with President Michael R. Matejevich, CPA leading since 1992.

Name

Healthcare Affiliates

Legal name

Healthcare Affiliates, Inc.

Website

https://healthcareaffiliates.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

1–10 employees

Short description

Healthcare Affiliates is a privately-held U.S. healthcare consulting firm founded in 1992 that helps hospitals recover underpaid Medicare and governmental reimbursements through contingency-based engagements in DSH, Area Wage Index, home health, and managed care contract reviews, serving 400+ clients across 41 states.

Ownership category

akta.pro rank

Product category

Healthcare Reimbursement Consulting

NAICS

Health Care and Social Assistance (62)

SIC

Services-Misc Health & Allied Services, Nec (8090)

akta.pro primary industry

Hospital Shared Services, GPOs & System Support Organizations (HLAFAAAO)

Keywords

• Healthcare reimbursement consulting
• Medicare cost recovery
• Hospital reimbursement audits
• Managed care contract review
• Third-party billing services

Headquarters

HQ city

Bel Air

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Healthcare Reimbursement Consulting: Contingency-based consulting services where HAI receives payment only after the intermediary audits the work and the client receives additional reimbursement or credit. Fee is due 30 days after client receives additional reimbursement.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Healthcare Affiliates, Inc. provides contingency-based third-party healthcare reimbursement consulting to acute-care hospitals and medical centers. The firm identifies and recovers additional Medicare and other governmental program reimbursement across nine service lines including Disproportionate Share Hospital (DSH) adjustments, Area Wage Index (AWI) reviews, Home Health reimbursement recovery, Managed Care Contract review, and Specialized Billing Issues, billing clients only after intermediary audits confirm the additional reimbursement.

Product overview

Healthcare Affiliates, Inc. (HAI) is a national healthcare consulting firm specializing in third party reimbursement services. Founded in 1992, the company offers a portfolio of nine specialized consulting services focused on helping healthcare providers maximize reimbursement from Medicare and other governmental programs. The core offering includes: Allied Health Reviews, Area Wage Index (AWI) Reviews, Disproportionate Share Hospital (DSH) Adjustment Projects, Employee Benefit Costs Reviews, End Stage Renal Disease Adjustments, Home Health Reviews, Managed Care Contract Reviews, Medicare Post Acute Transfer Reviews, and Specialized Billing Issues. These services work together to address various components of hospital reimbursement, from cost report issues to billing compliance and fringe benefit optimization. The firm operates on a contingency basis, receiving payment only after client reimbursement is audited and received.

Differentiator

Problem solved

Functional benefit

Products and services

• Allied Health Reviews

Quantifiable outcome

• $500+ million in additional reimbursement obtained for clients since 1992
• +5 more outcomes

Named customers15 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Ronald Wood (Temporary Consultant)minorOthersFormer CFO of the largest home health organization in the MD/DC/VA area. Hired on a temporary basis to train HAI staff to manage home health engagements. He first detected the problem of home health under-reimbursement after PPS transition and developed means to correct it.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• BESLER: BESLER is a hospital-focused consulting firm specializing in transferred reimbursement, revenue cycle, and Medicare reimbursement optimization. It is the closest direct competitor to HAI, with a similar contingency-based model serving acute care hospitals and health systems.
• McBee Associates: McBee Associates is a healthcare financial consulting firm historically focused on hospital reimbursement, cost-report, and revenue cycle work. It is named multiple times in HAI's management bios as a prior employer, indicating it operates in the same niche with comparable service lines.
• ECG Management Consultants: ECG is a healthcare consulting firm serving hospitals and health systems on strategy, operations, and financial performance. While broader than HAI, it directly competes in the provider-side financial and reimbursement consulting space.
• Pershing Yoakley & Associates (PYA): PYA is a healthcare-focused advisory firm providing reimbursement, audit, and financial consulting to hospitals and providers. It overlaps directly with HAI on Medicare cost-report optimization and hospital financial consulting engagements.
• Healthcare Resources Group: Healthcare Resources Group is a healthcare financial advisory firm focused on hospital reimbursement, cost reporting, and revenue recovery. It is a direct comparable to HAI in both client base (acute care hospitals) and service mix.
• VIE Healthcare Consulting: VIE Healthcare Consulting specializes in hospital cost reduction, reimbursement integrity, and revenue cycle optimization. It targets a similar buyer (hospital finance leadership) with outcome-based engagements comparable to HAI's contingency model.

Emerging players

• Strata Decision Technology: Strata provides decision-support and financial planning software for hospitals and health systems. It is an emerging adjacent player to HAI's reimbursement consulting, addressing similar CFO/finance buyers through a software platform rather than pure consulting.
• Accordion Partners: Accordion is a financial and technology consulting firm with a healthcare practice serving providers and payers. It overlaps with HAI on hospital financial performance work but operates across a broader client base and service portfolio.

Broad incumbents

• Vizient: Vizient is the largest member-driven healthcare performance improvement company, offering GPO, analytics, and advisory services to hospitals. It serves HAI's same buyer base but operates at significantly greater scale and scope than boutique reimbursement consultants.
• Premier Inc. Premier is a large healthcare GPO and performance improvement company serving hospitals and health systems. While it offers some consulting and analytics services adjacent to HAI's work, it is a much broader incumbent with supply chain and GPO as its core.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/health-care-affiliates

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Healthcare Affiliates