NAICS 524292: Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
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. Cross-References. Establishments primarily engaged in--Show more
NAICS 524292 — Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds — encompasses the administration of complex health benefit programs, including pharmacy claims processing, formulary management, prior authorization, drug utilization review, and rebate negotiation for public health plans. It also covers third-party administration of pension and insurance funds, including enrollment management, benefit calculation, payment processing, and compliance reporting under federal statutes such as ERISA and the Affordable Care Act.
Industry Spending Overview
Federal obligations, top contractors and agencies, and related industry codes for NAICS 524292.
AI Industry Description
NAICS 524292 — Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds — encompasses the administration of complex health benefit programs, including pharmacy claims processing, formulary management, prior authorization, drug utilization review, and rebate neg...
NAICS 524292 — Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds — encompasses the administration of complex health benefit programs, including pharmacy claims processing, formulary management, prior authorization, drug utilization review, and rebate negotiation for public health plans. It also covers third-party administration of pension and insurance funds, including enrollment management, benefit calculation, payment processing, and compliance reporting under federal statutes such as ERISA and the Affordable Care Act. This sector supports mission-critical functions for agencies managing large-scale public health and retirement systems, integrating with federal health IT infrastructures and regulatory frameworks. In government contracting, it bridges clinical, financial, and operational domains, requiring deep expertise in healthcare analytics, data interoperability, and regulatory adherence. Top contractors in this space include DELOITTE CONSULTING LLP, a major prime contractor offering enterprise-scale third-party administration solutions, data analytics platforms, and compliance services to federal clients. These firms typically operate as large primes with extensive subcontractor networks, often leveraging specialized health IT and actuarial capabilities to deliver end-to-end benefit management systems. The primary federal buyers are the General Services Administration and the Pension Benefit Guaranty Corporation. GSA drives demand through its healthcare and administrative services contracts, while PBGC relies on third-party administrators to manage pension benefit disbursements and fiduciary compliance for defined benefit plans. These agencies prioritize vendors with proven experience in secure data handling, audit readiness, and multi-program scalability. The competitive landscape is dominated by large, established firms with strong regulatory compliance track records and integrated technology platforms. Opportunities exist for contractors with niche expertise in pharmacy claims adjudication, pension fund reconciliation, and federal health program interoperability. Demand is steady, driven by ongoing modernization of legacy systems and increasing emphasis on cost transparency and beneficiary service quality.
Top Contractors
Companies with the highest total award value under NAICS 524292, ranked by dollars won.
| Company | Total Awards | Contracts |
|---|---|---|
| TRIWEST HEALTHCARE ALLIANCE CORP | $281.0M | 11 |
| MULTIPLAN, INC. | $53.7M | 1 |
| ARDENT GROUP, LLC | $46.6M | 3 |
| GENERAL DYNAMICS INFORMATION TECHNOLOGY, INC. | $27.9M | 1 |
| ASSURECARE LLC | $26.7M | 1 |
| HEALTHEQUITY, INC. | $26.5M | 42 |
| TAURUS, LLC | $22.6M | 1 |
| NOVACIS DIGITAL, LLC | $11.7M | 1 |
| RECEIVIA, INC. | $9.2M | 1 |
| J29, INC. | $6.9M | 1 |
Top Agencies
Federal agencies directing the most contract spending toward NAICS 524292.
Competition
How many companies historically bid on federal awards in NAICS 524292, from bidder counts reported on USAspending.
Half or more of reported awards drew exactly one bidder, usually a sign of incumbent-held work rather than an open field. · 1,329 reported awards
Median Bidders
1
Per reported award, all-time
Single-Bid Awards
67%
Share of reported awards with one bidder
10+ Bidder Awards
1%
Share of reported awards with 10+ bidders
Reported Awards
74% of 1,802 total awards
How this code compares up the NAICS hierarchy. Parent cohorts pool every code under their prefix, so they are the steadier baseline when a 6-digit sample is thin.
| Industry Family | Competition | Median Bidders | Single-Bid | Bidder Mix | Reported Awards |
|---|---|---|---|---|---|
524292This Code Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds | Usually Single-Bid | 1 | 67% | 1,32974% of 1,802 | |
52429NAICS Industry | Usually Single-Bid | 1 | 59% | 3,77979% of 4,755 | |
5242Industry Group Agencies, Brokerages, and Other Insurance Related Activities | Usually Single-Bid | 1 | 55% | 7,87773% of 10,809 | |
524Subsector | Usually Single-Bid | 1 | 56% | 14,54170% of 20,740 | |
52Sector Finance and Insurance | Usually Single-Bid | 1 | 71% | 55,82685% of 65,508 |
Bidder counts reported on past federal awards in this NAICS (USAspending). An open opportunity has no bidders yet, so this is the historical norm for similar work, not a fact about this solicitation. Not all awards report bidder counts, and fewer bidders often means incumbent-held work rather than an easier win. Federal reporting of bidder counts fell from ~96% of awards (FY2016) to ~30% (FY2018 onward); the chart shows shares of reported awards, and washed-out stretches mark years with fewer than 30 of them.
Related NAICS Codes
Industries similar to Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds, by shared sector, subsector, and industry group.
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