Actuarial Manager (FSA) - Medicare / Provider VBP (CMH Health)

Description Individual(s) 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. Milliman's CMH Health Practice is seeking a credentialed Actuarial Manager with strong Medicare experience who will serve in a client-facing role, manage junior staff, and help us capitalize on major growth opportunities in provider value-based payment (VBP) consulting. This role sits within our rapidly growing Provider VBP Enablement vertical, advising health systems, physician groups, and Accountable Care Organizations (ACOs) on Medicare shared savings, risk adjustment, total cost of care benchmarking, and related financial strategy. Actuarial Managers work in a wide variety of areas within the healthcare industry while working alongside some of the leading experts in the field. Who We Are Milliman is one of the leading experts in healthcare financing and delivery. We advise clients on a wide range of issues—from assessing the impact of healthcare reform on organizations or populations to streamlining operations while advancing the quality of patient care. Our consulting work is supported by a powerful toolkit of data analytics solutions and informed by the most trusted, comprehensive set of cost guidelines in the industry. Job Responsibilities Serve as credible client-facing actuary on complex Medicare advisory work, including provider VBP, ACO strategy, and Medicare Advantage engagements Advise health systems, physician groups, and ACOs on Medicare Shared Savings Program (MSSP) performance, total cost of care (TCOC) benchmarking, and risk adjustment Support emerging ACO program opportunities, including the CMS LEAD (Leveraging Efficiency And Driving-quality) model and other CMMI innovation programs Manage and direct professional and senior professional staff on client engagements Lead workstreams independently, freeing senior team members to focus on business development and strategic oversight Provide quality review and mentoring to junior staff Perform data analysis using Excel, SAS, Python, SQL, and proprietary Milliman programs to assist with consulting for various health insurance work areas (Medicare, Commercial / ACA, Medicaid, Long Term Care, Pharmacy, Provider, and more) Support financial modeling for ACO performance evaluation, risk adjustment strategy, and shared savings projections Responsible for reviewing the work of others and assisting with research and product development Responsible for training and coaching professional staff Responsible for several projects simultaneously, providing insight into the technical direction of each project, verifying the initial reasonableness of the solution, and creating client communications for review by Consultants Minimum requirements Bachelor's or Master's degree in a quantitative field (Bachelor's degree is required) 7+ years of full-time actuarial experience, primarily working with Medicare programs (Medicare experience is required – either Medicare Advantage (MA) or Accountable Care Organization (ACO) work) FSA designation with the Society of Actuaries (SOA) Strong analytical and communication skills with the ability to interact directly with clients Demonstrated ability to manage and mentor junior staff Thorough understanding of Microsoft Excel and actuarial concepts Competencies and Behaviors that Support Success in this Role Openness and enthusiasm for using AI and large language model (LLM) tools to enhance productivity and consulting workflows Intellectual curiosity and a motivation to learn new domains, methods, and technologies Experience working with Python, SQL, SAS, VBA, or other coding/data analytics languages Experience mentoring staff and managing projects Strong communication skills (both verbal and written) Ability to help identify client issues and resources needed to solve problems Analytical thinking skills to evaluate analyses for communication to clients Ability to help plan and organize work for projects Identify project deliverables, meet deadlines, and ensure compliance with quality procedures Strong time management skills Ability to work independently and within a team Client focused and results oriented Organizational expertise and flexibility Ambition and excitement for professional development within the actuarial field The Team Within a project team, consultants, managers, and analysts coordinate their efforts to deliver client reports and deliverables. Consultants are responsible for building relationships with clients, directing projects, and presenting results. Project managers work directly with analysts by reviewing work, answering questions, and developing client correspondence. Analysts are responsible for the majority of the technical work, which may include analyzing data, completing actuarial calculations, developing and utilizing actuarial models, and implementing software solutions. Location It is preferred that candidates work on-site at our Chicago, IL, Milwaukee, WI, or Hartford, CT office. Remote candidates will be considered. The expected application deadline for this job is August 19, 2026. Compensation The overall range for this role is $103,500 - $214,820. 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 $119,025 - $214,820. All other locations the range is $103,500 - $186,800 A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc. 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 observed 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.