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

Milliman, Inc; Denver (CO); Remote; USD 89,000 - 184,000; Full time

Benefits offered by this job

Medical, Dental and Vision

401(k) Plan with match

Discretionary Bonus Program

PTO and holidays

EAP

Flexible Spending Accounts

Family Building

Job summary

Milliman's Mountain Gulf Health Practice is actively seeking a Healthcare Actuary to work full-time with provider clients. You will support health systems, physician groups, and ACO enablers taking on risk under value-based models.

You will need to be technically strong and able to explain complex results to non-technical client leadership, while working independently with on-the-job training offered.

Qualifications

• Bachelor's degree in actuarial science, math, statistics, economics or similar quantitative field.
• ASA designation, working toward FSA.
• 5–8 years in healthcare actuarial work with provider-focused experience.
• Experience with CMS/CMMI total cost of care programs (MSSP, ACO REACH, Primary Care First).
• Experience with benchmarks for CMS/CMMI programs or risk-based arrangements.
• Familiarity with provider reimbursement: fee schedules, capitation, and episode payments.
• Excel expertise and strong data manipulation skills.
• Experience communicating complex analyses to non-technical stakeholders.

Responsibilities

• Model provider performance under MSSP, ACO REACH, and LEAD, including projections and risk scoring.
• Evaluate value-based contracts from the provider side and analyze shared savings and downside risk.
• Model reimbursement and support rate negotiations with payers.
• Analyze claims, enrollment, and CMS data to answer questions on utilization and cost drivers.
• Lead scoping, budgeting, and client communication for projects.
• Draft client-facing materials and contribute to proposals.
• Support other client projects within the practice.

Skills

Actuarial analytics

CMS/CMMI data

SQL

Python

R

Excel

Communication

Project management

Client storytelling

Education

Bachelor's degree in actuarial science or quantitative field

ASA designation, pursuing FSA

Tools

CMS/CMMI tools

Job description

Description

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.

Who We Are

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 constituencies. We encourage our employees to give back to their varied professions, including leadership in professional organizations. Please visit our web site (https://www.milliman.com/en/social-impact) to learn more about Milliman's commitments to our people, inclusion, and sustainability.

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.

What You Will Do

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.

The Team

Mountain Gulf Health serves healthcare providers, health plans, state and federal agencies, insurers, reinsurers, and employers. The practice includes over 50 actuarial professionals, along with healthcare consultants, administrative staff, and other non‑actuarial personnel.

Our provider work covers CMS and CMMI program participation, value‑based contract evaluation, capitation and bundled payment design, and payer contracting support. Clients range from large health systems to independent physician groups to ACO enablement companies. Provider work continues to grow, and this role adds to that team. You will have access to Milliman's healthcare data assets and modeling tools for client work. No prior experience with them is expected.

You will be working with some of the most experienced people in the health industry. Our manager program pairs you with a colleague to help guide your career growth.

Location

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.

Compensation

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.

Benefits

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