NAICS Code 524114-07 - Medical Insurance PlansMarketing Level - NAICS 8-Digit
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NAICS Code 524114-07 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524114-07
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Tools commonly used in the Medical Insurance Plans industry for day-to-day tasks and operations.
- Claims processing software
- Electronic health record (EHR) systems
- Medical billing software
- Health insurance quoting software
- Customer relationship management (CRM) software
- Health savings account (HSA) management software
- Telemedicine platforms
- Compliance management software
- Data analytics software
- Fraud detection software
Industry Examples of Medical Insurance Plans
Common products and services typical of NAICS Code 524114-07, illustrating the main business activities and contributions to the market.
- Individual medical insurance plans
- Family medical insurance plans
- Group medical insurance plans
- Short-term medical insurance plans
- Long-term medical insurance plans
- High-deductible health plans (HDHPs)
- Catastrophic health insurance plans
- Medicare Advantage plans
- Medicaid managed care plans
- Student health insurance plans
Certifications, Compliance and Licenses for NAICS Code 524114-07 - Medical Insurance Plans
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. 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. Issued by the National Association of Insurance Commissioners (NAIC).
- Certified Health Insurance Specialist (CHIS): A certification that demonstrates expertise in health insurance. It is issued by the Health Insurance Association of America (HIAA). The certification requires passing an exam and completing continuing education courses.
- Compliance Certification Board (CCB) Healthcare Compliance (CHC): A certification that demonstrates expertise in healthcare compliance. It is issued by the Compliance Certification Board (CCB). The certification requires passing an exam and completing continuing education courses.
- Certified In Healthcare Privacy and Security (CHPS): A certification that demonstrates expertise in healthcare privacy and security. It is issued by the American Health Information Management Association (AHIMA). The certification requires passing an exam and completing continuing education courses.
- Certified Employee Benefit Specialist (CEBS): A certification that demonstrates expertise in employee benefits. It is issued by the International Foundation of Employee Benefit Plans (IFEBP). The certification requires passing an exam and completing continuing education courses.
A concise historical narrative of NAICS Code 524114-07 covering global milestones and recent developments within the United States.
- The history of the Medical Insurance Plans industry dates back to the early 20th century when the first health insurance policies were introduced in the United States. In 1929, the first Blue Cross plan was established in Texas, which provided coverage for hospital services. In 1939, Blue Shield was created to cover physician services. The industry continued to grow, and in 1965, the Medicare and Medicaid programs were established, which provided health insurance coverage for the elderly and low-income individuals. In recent years, the industry has seen significant changes due to the Affordable Care Act (ACA) passed in 2010. The ACA introduced new regulations and requirements for health insurance plans, such as the requirement to cover pre-existing conditions and the provision of essential health benefits. The industry has also seen the rise of new players, such as health insurance marketplaces and telemedicine providers, which have disrupted the traditional insurance model.
Future Outlook for Medical Insurance Plans
The anticipated future trajectory of the NAICS 524114-07 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
Growth Prediction: StableThe future outlook for the Medical Insurance Plans industry in the USA is positive. The industry is expected to grow due to the increasing demand for healthcare services and the rising healthcare costs. The aging population and the prevalence of chronic diseases are also expected to drive the growth of the industry. The industry is also expected to benefit from the increasing adoption of technology, such as telemedicine and electronic health records, which can improve the efficiency and quality of healthcare services. However, the industry may face challenges such as regulatory changes, rising competition, and the uncertainty surrounding healthcare policy. Overall, the industry is expected to continue to grow and evolve in response to the changing healthcare landscape in the USA.
Industry Innovations for NAICS Code 524114-07
Recent groundbreaking advancements and milestones in the Medical Insurance Plans industry, reflecting notable innovations that have reshaped its landscape.
- Virtual Healthcare Services: Medical insurance plans are increasingly offering virtual healthcare services, such as telemedicine, which allow patients to consult with healthcare providers remotely. This can improve access to healthcare services, reduce costs, and increase convenience for patients.
- Personalized Healthcare: Medical insurance plans are using data analytics and other technologies to provide personalized healthcare services to patients. This can improve the quality of care and help prevent and manage chronic diseases.
- Health and Wellness Programs: Medical insurance plans are offering health and wellness programs to their members, which can help prevent and manage chronic diseases and improve overall health outcomes.
- Value-Based Care: Medical insurance plans are shifting towards value-based care, which focuses on improving health outcomes and reducing costs. This can incentivize healthcare providers to provide high-quality care and improve patient outcomes.
- Digital Health Tools: Medical insurance plans are partnering with digital health companies to offer digital health tools, such as mobile apps and wearable devices, to their members. This can help patients manage their health and improve health outcomes.
NAICS Code 524114-07 - Medical Insurance Plans
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