SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
HMS Holdings Corp.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
40425J101
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(CUSIP Number)
December 31, 2003
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule
is filed:
[ X ] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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/1/ The remainder of this cover page shall be filled out for
a reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to
the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).
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CUSIP No.40425J101 13G/A
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NAME OF REPORTING PERSON
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Welch Capital Partners, LLC
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2
(A) [_]
(B) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
New York
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SOLE VOTING POWER
5
NUMBER OF
1,577,220
SHARES ----------------------------------------
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SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 0
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EACH SOLE DISPOSITIVE POWER
7
REPORTING
1,577,220
PERSON ----------------------------------------
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SHARED DISPOSITIVE POWER
WITH 8
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
9
1,577,220
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
10
[_]
Not Applicable
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
8.6% (Based on 18,373,922 shares of common outstanding
as of September 30, 2003 as reported inn the Issuer's
Form 10-Q for the quarter ended September 30, 2003.)
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TYPE OF REPORTING PERSON
12
IA
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Item 1(a). Name of Issuer:
HMS Holdings Corp.
Item 1(b). Address of Issuer's Principal Executive Offices:
401 Park Avenue South
New York, NY 10016
USA
Item 2(a). Name of Persons Filing: Welch Capital Partners, LLC
Item 2(b). Address of Principal Business Office:
101 East 52nd Street, 31st Floor
New York, NY 10022
Item 2(c). Citizenship:
New York
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
40425J101
Item 3. If this statement is filed pursuant to Rules 13d-
1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15
of the Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the
Exchange Act.
(c) [ ] Insurance company as defined in Section
3(a)(19) of the Exchange Act.
(d) [ ] Investment company registered under Section
8 of the Investment Company Act of 1940.
(e) [X] An investment advisor registered in
accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund
in accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person
in accordance with Rule 13d-1(b)(ii)(G);
(h) [ ] A savings association as defined in Section
3(b) of the Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the
definition of an investment company under Section 3(c)(14) of
the Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership
(a) Amount Beneficially Owned:
1,577,220
(b) Percent of Class:
8.6% (Based on 20,488,345 shares of common outstanding
as of September 30, 2002 as reported inn the Issuer's
Form 10-Q for the quarter ended September 30, 2002.)
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
1,577,220
(ii) shared power to vote or to direct the vote:
0
(iii) sole power to dispose or direct the
disposition of:
1,577,220
(iv) shared power to dispose or to direct the
disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By
the Parent Holding Company or Control Person.
Not Applicable
Item 8. Identification and Classification of Members of
the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not acquired and are not
held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in
this statement is true, complete and correct.
Date: February 6, 2004.
Welch Capital Partners, LLC
By: /s/ Christopher W. Welch
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Name: Christopher W. Welch
Title: Principal