NAICS Code 524114-04 - Hospitalization Plans-Medical & SurgicalMarketing Level - NAICS 8-Digit
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NAICS Code 524114-04 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524114-04
Parent Code (less specific)
Tools commonly used in the Hospitalization Plans-Medical & Surgical industry for day-to-day tasks and operations.
- Claims processing software
- Underwriting software
- Actuarial software
- Risk management software
- Customer relationship management (CRM) software
- Electronic health records (EHR) software
- Medical coding and billing software
- Fraud detection software
- Data analytics software
- Compliance management software
Industry Examples of Hospitalization Plans-Medical & Surgical
Common products and services typical of NAICS Code 524114-04, illustrating the main business activities and contributions to the market.
- Inpatient hospitalization insurance
- Surgical insurance
- Medical procedure insurance
- Hospital stay insurance
- Emergency room insurance
- Intensive care unit (ICU) insurance
- Anesthesia insurance
- Diagnostic testing insurance
- Outpatient surgery insurance
- Ambulatory surgery insurance
Certifications, Compliance and Licenses for NAICS Code 524114-04 - Hospitalization Plans-Medical & Surgical
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Health Insurance License: A license required by all insurance agents and brokers who sell health insurance products. It is issued by the state in which the agent or broker resides. The license ensures that the agent or broker has the necessary knowledge and skills to sell health insurance products. Issued by the state insurance department.
- Compliance with HIPAA: The Health Insurance Portability and Accountability Act (HIPAA) is a federal law that sets standards for the privacy and security of protected health information (PHI). Compliance with HIPAA is required for all entities that handle PHI, including health insurance companies. Issued by the US Department of Health and Human Services.
- Compliance with ACA: The Affordable Care Act (ACA) is a federal law that regulates the health insurance industry. Compliance with ACA is required for all health insurance companies that offer plans on the ACA marketplace. Issued by the Centers for Medicare & Medicaid Services.
- Compliance with ERISA: The Employee Retirement Income Security Act (ERISA) is a federal law that sets standards for employee benefit plans, including health insurance plans. Compliance with ERISA is required for all health insurance companies that offer employer-sponsored health plans. Issued by the US Department of Labor.
- Compliance with COBRA: The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that requires employers to offer continued health insurance coverage to employees who lose their jobs or have their hours reduced. Compliance with COBRA is required for all health insurance companies that offer employer-sponsored health plans. Issued by the US Department of Labor.
A concise historical narrative of NAICS Code 524114-04 covering global milestones and recent developments within the United States.
- The Hospitalization Plans-Medical & Surgical industry has a long history dating back to the early 20th century when the first hospital insurance plans were introduced in the United States. These plans were designed to cover the cost of hospitalization for policyholders, and they quickly gained popularity. In the 1940s, the Blue Cross and Blue Shield plans were established, which provided coverage for hospitalization and medical expenses. In the 1960s, the Medicare and Medicaid programs were introduced, which provided health insurance coverage for the elderly and low-income individuals. In recent years, the Hospitalization Plans-Medical & Surgical industry has seen significant growth due to the increasing demand for healthcare services and the rising cost of medical care. In the United States, the Hospitalization Plans-Medical & Surgical industry has undergone significant changes in recent years. The passage of the Affordable Care Act in 2010 led to the expansion of health insurance coverage to millions of Americans. The industry has also seen increased consolidation, with many smaller insurers merging with larger companies to gain a competitive edge. The rise of telemedicine and other technological advancements has also had a significant impact on the industry, allowing for more efficient and cost-effective delivery of healthcare services. Despite these changes, the Hospitalization Plans-Medical & Surgical industry continues to face challenges such as rising healthcare costs and regulatory uncertainty.
Future Outlook for Hospitalization Plans-Medical & Surgical
The anticipated future trajectory of the NAICS 524114-04 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
Growth Prediction: StableThe future outlook for the Hospitalization Plans-Medical & Surgical industry in the USA is positive. The industry is expected to grow due to the increasing demand for healthcare services and the aging population. The COVID-19 pandemic has also highlighted the importance of having adequate health insurance coverage, which is expected to drive demand for hospitalization plans. However, the industry may face challenges such as rising healthcare costs and regulatory changes. To remain competitive, companies in the industry may need to focus on innovation and technology to improve the quality of their services and reduce costs.
Industry Innovations for NAICS Code 524114-04
Recent groundbreaking advancements and milestones in the Hospitalization Plans-Medical & Surgical industry, reflecting notable innovations that have reshaped its landscape.
- Telemedicine: Many hospitalization plans now offer telemedicine services, which allow patients to consult with healthcare providers remotely. This innovation has become increasingly popular during the COVID-19 pandemic and is expected to continue to grow in popularity.
- Health and Wellness Programs: Some hospitalization plans now offer health and wellness programs to their members, which can include fitness classes, nutrition counseling, and stress management. These programs are designed to help members stay healthy and prevent the need for hospitalization.
- Personalized Care: Some hospitalization plans are now offering personalized care to their members, which can include customized treatment plans and access to a dedicated care team. This innovation is designed to improve the quality of care and patient outcomes.
- Data Analytics: Many hospitalization plans are now using data analytics to improve their services and reduce costs. By analyzing data on patient outcomes and healthcare utilization, companies can identify areas for improvement and develop more effective strategies.
- Value-Based Care: Some hospitalization plans are now shifting towards a value-based care model, which focuses on improving patient outcomes and reducing costs. This model incentivizes healthcare providers to deliver high-quality care and can lead to better outcomes for patients.
NAICS Code 524114-04 - Hospitalization Plans-Medical & Surgical
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