FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * STOWE RICHARD H   2. Issuer Name and Ticker or Trading Symbol HMS HOLDINGS CORP [HMSY] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 401 PARK AVENUE SOUTH 3. Date of Earliest Transaction (Month/Day/Year) 11/30/2007 (Street) NEW YORK, NY 10016 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/30/2007   M   54,000 A $ 1.07 101,312 D   Common Stock 11/30/2007   S   54,000 D $ 31.09 47,312 D   Common Stock 11/30/2007   M   750 A $ 1.5 48,062 D   Common Stock 11/30/2007   S   750 D $ 31.09 47,312 D   Common Stock 11/30/2007   M   750 A $ 4.22 48,062 D   Common Stock 11/30/2007   S   750 D $ 31.09 47,312 D   Common Stock 11/30/2007   M   575 A $ 6.44 47,887 D   Common Stock 11/30/2007   S   575 D $ 31.09 47,312 D   Common Stock 12/03/2007   M   3,175 A $ 6.44 50,847 D   Common Stock 12/03/2007   S   3,175 D $ 30.58 47,312 D   Common Stock 12/03/2007   M   750 A $ 7 48,062 D   Common Stock 12/03/2007   S   750 D $ 30.58 47,312 D   Common Stock 12/03/2007   G(1)   47,312 D (1) 47,312 I Held by Stowe Family Foundation (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (Right to Buy)

$ 1.07

11/30/2007

M

54,000

12/15/2001

12/15/2010

Common Stock

54,000

$ 0

21,000 (2)

D

Non-Qualified Stock Option (Right to Buy)

$ 1.5

11/30/2007

M

750

10/31/2000(3)

10/31/2010

Common Stock

750

$ 0

0 (2)

D

Non-Qualified Stock Option (Right to Buy)

$ 4.22

11/30/2007

M

750

10/29/1999(3)

10/29/2009

Common Stock

750

$ 0

0 (2)

D

Non-Qualified Stock Option (Right to Buy)

$ 6.44

11/30/2007

M

575

11/13/1998(4)

11/13/2008

Common Stock

575

$ 0

3,175 (2)

D

Non-Qualified Stock Option (Right to Buy)

$ 6.44

12/03/2007

M

3,175

11/13/1998(4)

11/13/2008

Common Stock

3,175

$ 0

0 (2)

D

Non-Qualified Stock Option (Right to Buy)

$ 7

12/03/2007

M

750

10/30/1998(3)

10/30/2008

Common Stock

750

$ 0

0 (2)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
STOWE RICHARD H 401 PARK AVENUE SOUTH NEW YORK, NY 10016	X

Signatures

Walter D. Hosp for Richard H. Stowe by Power of Attorney dated December 5, 2007		12/05/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The shares to which this note relates corresponds to a bona fide gift made to the Stowe Family Foundation.
(2)	Only represents the derivative securities of this class.
(3)	Date shown is the date of grant of option. Stock option vests in 1/4 increments over a 3 year period commencing on the grant date.
(4)	Date shown is the date of grant of option. Stock option vests in 1/3 increments over a period of 4 years commencing on the first anniversary of the grant date.

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