NAICS 2022 · in 52429
524292
Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
Analysis
NAICS 524292 is the 2022 national industry for pharmacy benefit management and other third party administration of insurance and pension funds, part of 52429 (Other Insurance Related Activities). Census lists 7 example activities under it in the official index.
County Business Patterns counts 6,151 US establishments in this code in 2023, employing 411,459 people at an average annual payroll of $81,047 per employee (69th percentile of national industries). 42% of the establishments have fewer than five employees, which is close to the national mix.
By establishments it ranks 1st of the 3 codes at this level within Other Insurance Related Activities, with 43.4% of them.
Census lists 5 related activities that belong elsewhere, most often in 523940, 524114, 456110 and 524298. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.
Its index entries, the activities Census uses to assign businesses to this code, include claims processing services, insurance, third party, employee benefit plans, third party administrative…, insurance claims processing services, third party and insurance fund, third party administrative services (except…, among 7 in all.
For example, managing the portfolio assets (i.e., funds) of others are classified in 523940 (Portfolio Management and Investment Advice) instead.
Official definition
This U.S. industry comprises establishments primarily engaged in providing pharmacy benefit management (PBM) services and other third party administration services of insurance and pension funds, such as claims processing and other administrative services to insurance carriers, employee benefit plans, and self-insurance funds.
Source: US Census Bureau, NAICS 2022 Manual.
Not this code if…
| The business mainly does | Use instead |
|---|---|
| Managing the portfolio assets (i.e., funds) of others | 523940 Portfolio Management and Investment Advice |
| Initially underwriting health and medical insurance policies | 524114 Direct Health and Medical Insurance Carriers |
| Retailing prescription and nonprescription drugs and medicines | 456110 Pharmacies and Drug Retailers |
| Providing insurance actuarial services | 524298 All Other Insurance Related Activities |
| Providing actuarial consulting services | 541612 Human Resources Consulting Services |
Index entries (7)
- Claims processing services, insurance, third party
- Employee benefit plans, third party administrative processing services
- Insurance claims processing services, third party
- Insurance fund, third party administrative services (except claims adjusting only)
- Insurance plan administrative services (except claims adjusting only), third party
- Pension fund, third party administrative services
- Pharmacy Benefit Management (PBM) services