NAICS Code 623 - Nursing and Residential Care Facilities

NAICS 623 - Nursing and Residential Care Facilities

NAICS 62 - Health Care and Social Assistance
NAICS 11 - Sector 11--Agriculture, Forestry, Fishing and Hunting NAICS 21 - Sector 21--Mining NAICS 22 - Sector 22--Utilities NAICS 23 - Sector 23--Construction NAICS 31 - Sector 31-33--Manufacturing NAICS 42 - Sector 42--Wholesale Trade NAICS 44 - Sector 44-45--Retail Trade NAICS 48 - Sector 48-49--Transportation and Warehousing NAICS 51 - Sector 51--Information NAICS 52 - Sector 52--Finance and Insurance NAICS 53 - Sector 53--Real Estate and Rental and Leasing NAICS 54 - Sector 54--Professional, Scientific, and Technical Services NAICS 55 - Sector 55--Management of Companies and Enterprises NAICS 56 - Sector 56--Administrative and Support and Waste Management and Remediation Services NAICS 61 - Sector 61--Educational Services NAICS 62 - Sector 62--Health Care and Social Assistance NAICS 71 - Sector 71--Arts, Entertainment, and Recreation NAICS 72 - Sector 72--Accommodation and Food Services NAICS 81 - Sector 81--Other Services (except Public Administration) NAICS 92 - Sector 92--Public Administration
- NAICS 623 - Nursing and Residential Care Facilities
  NAICS 621 - Ambulatory Health Care Services NAICS 622 - Hospitals NAICS 623 - Nursing and Residential Care Facilities NAICS 624 - Social Assistance

Industries in the Nursing and Residential Care Facilities subsector provide residential care combined with either nursing, supervisory, or other types of care as required by the residents. In this subsector, the facilities are a significant part of the production process and the care provided is a mix of health and social services with the health services being largely some level of nursing services.

Industry trends:

The nursing and residential care facilities industry (NAICS 623) is witnessing several qualitative trends driven by demographic shifts, technological advancements, and evolving consumer expectations. One significant trend is the increasing demand for personalized care services as the aging population seeks more tailored and dignified living arrangements. This trend is expected to continue as Baby Boomers enter retirement age, requiring more extensive and specific health and wellness services.

Another notable trend involves the integration of technology to improve patient care and operational efficiency. Facilities are increasingly adopting telehealth services, electronic health records (EHRs), and remote monitoring tools. These technologies not only streamline administrative tasks but also enhance the quality of care and patient outcomes, making them a staple in the industry moving forward.

Additionally, there is a growing emphasis on mental health services within these facilities. Amid rising awareness about the importance of mental health for overall wellbeing, nursing, and residential care providers are expanding their offerings to include psychological support, wellness programs, and social activities designed to improve cognitive health and combat loneliness.

Looking ahead, regulatory changes and funding shifts, particularly in response to healthcare reforms and the COVID-19 pandemic, will continue to shape the industry. There's an increasing focus on value-based care models, which prioritize patient outcomes over service volume. These changes are likely to drive investment in preventive care and chronic disease management, altering how services are designed and delivered.

In summary, the nursing and residential care facilities industry is poised for transformation with a focus on personalization, technological integration, and holistic care approaches, with ongoing regulatory and funding changes influencing its trajectory.