This study aims to analyze the development of productive waqf by Muhammadiyah in improving the benefits on Muhammadiyah’s healthcare in Yogyakarta. The objects in this study are PKU Muhammadiyah Hospital Yogyakarta, PKU Muhammadiyah Mother and Child Hospital of Kotagede, and Firdaus Primary Clinic. Key informants in this study amounted to 10 people consisting of leaders (directors or represented by managers) from hospitals and clinic, as well as the board members of Majelis Pembina Kesehatan Umum. Analytical tools used in this research are Analytic Network Process (ANP) and Logic Model. The results found that each object has different priorities in developing assets and services owned. All the activities and policies taken by Muhammadiyah’s healthcare authorities aimed to maximize the benefits of Muhammadiyah waqf and AUM to beneficiaries. As for good deeds that have been done, among others: waivers of poor patient care, free check-up and treatment, village development, education funding support, disaster relief, working capital support, mosque and funeral construction aids, salary aid for teachers of Persyarikatan, Persyarikatan facilities and infrastructure aids, and so forth. The amount of social funds incurred each year on averaged by 5 to 10 percent of total profit, excluding contributions to the Persyarikatan and BPJS patient services. In addition, since 2014 the ratio of patients receiving free medication and free treatment was 40 to 50 percent of total patient visits. Even started 2016, the average of these services reached until 60 to 70 percent and it was increasing steadily over the years. It proves the high mashlahah (benefit) given by hospital and clinic to the beneficiaries.