Healthcare Associate Actuary Provider & Value-Based Care (ASA)

Healthcare Actuary

Milliman's Mountain Gulf Health Practice is seeking a Healthcare Actuary to work full-time with provider clients. You'd be supporting health systems, physician groups, and ACO enablers who are taking on risk under various value-based payment models.

You need to be technically strong and have sound judgment about which analysis answers the question client leadership is asking, then explain it in a way that is clear and supports decision making. You will also need to be self-directed. We provide extensive on-the-job training in consulting skills and advanced actuarial techniques.

Independent for over 75 years, Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world's most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Milliman invests in skills training and career development and gives all employees access to a variety of learning and mentoring opportunities. Our growing number of Milliman Employee Resource Groups (ERGs) are employee-led communities that influence policy decisions, develop future leaders, and amplify the voices of their constituents. We encourage our employees to give back to their varied professions, including leadership in professional organizations.

Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance.

In this role, you will:

• Model provider performance under MSSP, ACO REACH, and LEAD. That means benchmark projection, attribution, risk score dynamics, savings and loss estimation, and scenario testing across risk tracks.
• Evaluate value-based contracts from the provider side: shared savings and downside risk, global and primary care capitation, episode and bundled payments, and how risk and reward get distributed downstream.
• Model reimbursement and support rate negotiations with payers.
• Dig into claims, enrollment, and CMS data to answer questions about utilization, cost drivers, risk adjustment, and network performance.
• Run projects. Scoping, budgets, delegating technical work to analysts and students, holding timelines, talking to clients directly.
• Draft the client-facing material: emails, memos, decks, and reports written for CFOs and medical group leadership.
• Help write proposals alongside a senior consultant.
• Support other types of clients and projects in the practice, as needed.

As careers grow at Milliman, consultants take on their own client relationships and lead business development. That is not the initial focus of this role, but it is a natural next step and we will support you toward it.

What We Are Looking For

Professional Qualifications

• Bachelor's degree in actuarial science, math, statistics, economics, or something similarly quantitative
• ASA designation, working towards FSA
• Five to eight years in healthcare actuarial work, with a solid understanding of provider perspectives
• Hands-on knowledge of at least one CMS or CMMI total cost of care program (MSSP, ACO REACH, Primary Care First, a bundled payment model).
• Experience building benchmarks for CMS/CMMI programs and/or other risk-based arrangements
• Experience with attribution methodologies
• Familiarity with provider reimbursement: fee schedules, capitation, case rates, episode payments
• Excel expertise
• Experience managing projects: scoping, budget, delegation, timelines, client contact
• Ability to explain technical work to people who are not technical
• Solid understanding of the US healthcare system
• Experience working with detailed healthcare claims data
• SQL, Python, R, or SAS

Personal Qualifications

• Proactive and can anticipate what the analysis needs and what the client will ask next.
• Makes decisions and able to move work forward independently, while completing appropriate reviews with senior consultants
• Clear writer and speaker
• Works well alone and on teams
• Steady in a fast-paced environment where client satisfaction is key
• Entrepreneurial

Preferred Qualifications

• Experience with CMS claim and claim line feed (CCLF) data
• Experience modeling participation decisions across CMS and CMMI programs
• Experience supporting payer contract negotiations
• Experience drafting proposals or client reports

Individuals must be legally authorized to work in the United States without the need for immigration support or sponsorship from Milliman now or in the future.

This is a remote position. Candidates hired into this role may work onsite in select Milliman office locations, if they prefer. The expected application deadline for this job is December 31, 2026.

The overall salary range for this role is $88,800 - $184,460. For candidates residing in:

• Alaska, California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York City, Pennsylvania, Virginia, Washington, or the District of Columbia the range is $102,120 - $184,460.
• All other locations the range is $88,800 $160,400.

A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

Employees are also eligible for a bonus under our standard bonus policy. A paid bonus is dependent on billable hours worked by and work managed by the employee. Actual bonuses vary widely based on desired and completed workload, but routinely exceed 25% of base salary.

To be considered for this position, please upload a resume and cover letter. No recruiters, please.

We offer a comprehensive benefits package designed to support employees' health, financial security, and well-being. Benefits include:

• Medical, Dental and Vision Coverage for employees, dependents, and domestic partners.
• Employee Assistance Program (EAP) Confidential support for personal and work-related challenges.
• 401(k) Plan Includes a company matching program and profit-sharing contributions.
• Discretionary Bonus Program Recognizing employee contributions.
• Flexible Spending Accounts (FSA) Pre-tax savings for dependent care, transportation, and eligible medical expenses.
• Paid Time Off (PTO) Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis.
• Holidays A minimum of 10 paid holidays per year.
• Family Building Benefits Includes adoption and fertility assistance.
• Paid Parental Leave Up to 11 weeks of paid leave for employees who meet eligibility criteria.
• Life Insurance & AD&D 100% of premiums covered by Milliman.
• Short-Term and Long-Term Disability Fully paid by Milliman.

Equal Opportunity

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.