NAICS Code 524292: Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
National industry
SBA small business size standard: $45.5 million in average annual receipts
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.
Government contracts for this service: PSC R408 Program Management and Support Services
Code facts
- Part of
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52
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524
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5242
- 52429
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5242
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524
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52
- Contract awards
- 96 In the last 12 months
- Contract obligations
- $725,532,322 In FY2025
NAICS codes and definitions come from the U.S. Census Bureau, size standards from the SBA and contract spending from SAM.gov/FPDS.
Business activities under NAICS 524292
- 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
Looking for another activity? Search the NAICS code lookup or browse business activities from A to Z.
Contract obligations by fiscal year
| Fiscal year | Obligated |
|---|---|
| FY2027 To date | $45,202,073 |
| FY2026 | $1,091,140,197 |
| FY2025 | $725,532,322 |
| FY2024 | $799,894,659 |
| FY2023 | $573,542,907 |
Top contractors by obligations
| Rank | Contractor | Obligated, FY2026–FY2027 | Share |
|---|---|---|---|
| 1 | Optumrx Administrative Services, LLC | $508,721,848 | |
| 2 | Triwest Healthcare Alliance Corp | $291,994,686 | |
| 3 | Signature Choice II, LLC | $126,430,835 | |
| 4 | Ardent Group, LLC | $92,676,865 | |
| 5 | Wisconsin Physicians Service Insurance Corp. | $38,344,313 | |
| 6 | Healthequity, Inc. | $26,804,661 | |
| 7 | Taurus, LLC | $22,563,306 | |
| 8 | International Medical Group Inc. | $12,608,211 | |
| 9 | Consumer Capital Group Corp. | $11,050,000 | |
| 10 | Receivia, Inc. | $9,160,199 |
Top funding agencies by obligations
| Rank | Agency | Obligated, FY2026–FY2027 | Share |
|---|---|---|---|
| 1 | Department of Veterans Affairs | $942,761,465 | |
| 2 | Department of Homeland Security | $110,631,798 | |
| 3 | Defense Health Agency | $38,344,313 | |
| 4 | Office of Personnel Management | $22,999,488 | |
| 5 | Peace Corps | $7,705,829 | |
| 6 | Corporation for National and Community Service | $4,902,382 | |
| 7 | Department of the Navy | $3,518,151 | |
| 8 | Department of Energy | $1,502,760 | |
| 9 | Department of the Army | $931,382 | |
| 10 | Department of Health and Human Services | $876,352 |
Top PSC codes by obligations
| Rank | PSC code | Obligated, FY2026–FY2027 | Share |
|---|---|---|---|
| 1 |
R408 Program Management/ |
$517,421,222 | |
| 2 | Q999 Other Medical Services | $279,352,539 | |
| 3 | R499 Other Professional Services | $225,786,707 | |
| 4 | Q201 Medical – Managed Healthcare | $52,086,891 | |
| 5 | R711 Banking Services(includes accepting and cashing government checks and other payment instruments, accepting direct deposits, accepting payments to the government from the public) | $22,818,422 | |
| 6 | G008 Other Government Insurance Programs | $17,767,717 | |
| 7 | R710 Support – Management: Financial | $11,920,051 | |
| 8 | R799 Other Management Support Services | $6,061,669 | |
| 9 | Q517 Pharmacy Services | $3,004,982 | |
| 10 | R699 Other Administrative Support Services | $889,739 |
Contract obligations by state
| Rank | Place of performance | Obligated, last 12 months | Share |
|---|---|---|---|
| 1 | Colorado | $601,398,713 | |
| 2 | Alaska | $291,934,140 | |
| 3 | Virginia | $126,702,156 | |
| 4 | Wisconsin | $29,208,982 | |
| 5 | Utah | $26,803,449 | |
| 6 | Florida | $22,725,744 | |
| 7 | Indiana | $12,608,211 | |
| 8 | Illinois | $11,050,000 | |
| 9 | Pennsylvania | $3,520,106 | |
| 10 | California | $1,806,342 | |
| 11 | Georgia | $1,623,048 | |
| 12 | Washington | $1,390,508 | |
| 13 | Kentucky | $1,106,792 | |
| 14 | New Jersey | $718,028 | |
| 15 | Delaware | $130,000 | |
| 16 | Oregon | $128,131 | |
| 17 | North Dakota | $60,000 | |
| 18 | South Dakota | $48,039 | |
| 19 | North Carolina | $30,218 | |
| 20 | South Carolina | $26,241 | |
| 21 | Missouri | $24,578 | |
| 22 | Texas | $17,581 |
Show all 22
Shares are of everything obligated under NAICS 524292 in the last 12 months before deobligations, including work performed abroad or with no place of performance on record.
Contract opportunities
Show 40 more
Latest 50 of 517 listed here. See the rest on GovTribe.
Size standard history
Federal Register rules that named this code
Show all 11
Proposed size standard changes
| Proposed rule | Published | Comments |
|---|---|---|
| Small Business Size Standards: Monetary-Based Industry Size Standards | Closed Oct 21, 2025No final rule found |
From the NAICS codes each rule's amendments to 13 CFR 121.201 name. Rules that print their size standard tables as images aren't listed.
Quick answers
What is NAICS 524292?
NAICS 524292 is Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds, a national industry in NAICS 52, Finance and Insurance.
What is the NAICS code for insurance claims processing services, third party?
The NAICS code for insurance claims processing services, third party is 524292, Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds.
What is the NAICS code for pension fund, third party administrative services?
The NAICS code for pension fund, third party administrative services is 524292, Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds.
What is the NAICS code for claims processing services, insurance, third-party?
The NAICS code for claims processing services, insurance, third-party is 524292, Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds.
When did the size standard for NAICS 524292 last change?
The most recent Federal Register rule on record that names NAICS 524292 in the SBA's size standards is "Small Business Size Standards: Adjustment of Monetary-Based Size Standards, Disadvantage Thresholds, and 8(a) Eligibility Thresholds for Inflation" (87 FR 69118), published Nov 17, 2022 and effective Dec 19, 2022.
How much do federal agencies spend under NAICS 524292?
Federal contracts under NAICS 524292 obligated $725,532,322 in fiscal year 2025 and $3,235,312,158 in fiscal years 2023 through 2027.
Who are the largest contractors under NAICS 524292?
The contractors with the most obligated under NAICS 524292 in fiscal years 2026 and 2027 are Optumrx Administrative Services, LLC ($508,721,848); Triwest Healthcare Alliance Corp ($291,994,686); and Signature Choice II, LLC ($126,430,835).
Which agencies buy the most under NAICS 524292?
The agencies that obligated the most under NAICS 524292 in fiscal years 2026 and 2027 are Department of Veterans Affairs ($942,761,465), Department of Homeland Security ($110,631,798) and Defense Health Agency ($38,344,313).
Which PSC codes are used with NAICS 524292?
The PSC codes with the most obligated under NAICS 524292 in fiscal years 2026 and 2027 are R408 Program Management/
Where is the work under NAICS 524292 performed?
By place of performance, the states with the most contract obligations under NAICS 524292 over the last 12 months are Colorado ($601,398,713), Alaska ($291,934,140) and Virginia ($126,702,156).
What is the latest contract opportunity under NAICS 524292?
The latest contract opportunity under NAICS 524292 is Q517--pharmacy benefits services | wichita |, solicitation from Veterans Integrated Service Network 15 (VHA), posted October 30, 2026.
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