The North American Industry Classification System (NAICS) code 524292 encompasses Pharmacy Benefit Management (PBM) and Third-Party Administration of Insurance and Pension Funds. These services involve managing prescription drug programs, processing medical claims, administering healthcare and flexible spending accounts, and providing comprehensive administrative support for insurance and benefit programs. Contractors in this category handle complex administrative functions that enable efficient healthcare and financial service delivery across various government and private sector organizations.
The federal contract awards under this NAICS code reveal a robust market for third-party administrative services, predominantly with the Department of Veterans Affairs (VA) and civilian agencies. Typical contract values range from $25,000 to $30 million, with performance periods spanning 1-5 years. Frequently awarded entities include Healthequity, Inc., Optumrx Administrative Services, Triwest Healthcare Alliance Corp, and Palisade-Heritage JV LLC. Most awards are not set aside, though some utilize Service-Disabled Veteran-Owned Small Business (SDVOSB) or Total Small Business set-asides. Common funding agencies include the VA, Department of Homeland Security, Department of Labor, and various federal health and benefits organizations, with performance typically occurring nationwide.
Recent federal contract opportunities in this NAICS code focus on comprehensive third-party administrative services for specialized healthcare programs. Key solicitations include a World Trade Center Health Program Third-Party Administrator contract for the CDC, seeking a contractor to manage enrollment, claims processing, and provider network administration. Another notable opportunity is the Department of Labor's Pharmacy Benefits Management Services procurement, which requires comprehensive prescription drug management for multiple compensation programs. Other opportunities include healthcare benefits administration for AmeriCorps, medical third-party administration for the Navy, and dental program administration for the Defense Health Agency. These opportunities consistently seek contractors capable of providing sophisticated, technology-enabled administrative services across complex healthcare and benefits ecosystems.