The Healthcare Priorities of Millennials
By Christopher Wolfington
As the influence and presence of millennials grows throughout society in the United States, so does the importance of the healthcare industry taking notice of their unique preferences.
The majority of millennials believe that the healthcare system is inherently flawed, and their consistent and agreed upon dissatisfaction with the healthcare industry has been a key concern for industry players looking to protect and ensure their long-term sustainability, as well as the future health of Americans.
In order to adapt the current model to meet the specific needs of millennials, the healthcare industry must understand and target services to fit their two most sought after priorities: affordability and convenience.
Millennials came of age during the financial crisis and have high amounts of student loan debt. Healthcare is just one more addition to the growing list of things they do not want to, and won’t, pay for. They are more likely to shop around for their healthcare providers in search of the more affordable options. While they do care about their health, they are much more likely to avoid expensive visits they deem unnecessary and would rather self-diagnose and self-medicate than pay for a doctor visit.
As the price of health care continues to rise and medical debt reaches all time highs, it’s not likely that millennials will start paying more for healthcare anytime soon. In reality, they will be more likely to ask for discounts, dispute costs, question the necessity of costly tests, and dispute insurance decisions. If it’s too expensive for them, they simply won’t go.
When it comes to appealing to millennials, convenience is key. Not only are they going to the doctor less, they also want to spend less time there when they do go.
The best way to keep things convenient for millennials is to ensure the accessibility and efficiency of healthcare services. Implementing automated services and utilizing technology are huge tools at a healthcare provider’s disposal that are revolutionizing the way millennials are accessing their care.
Telehealth, mobile applications, and digital and online offerings all appeal to their convenience-oriented brains. Simple things, like going paperless and texting over calling, are also small differences that are more likely to resonate with potential millennial patients.
Millennials are a key influential factor across all US industries, and they are inspiring great change across society. It’s very likely that healthcare reform will be one of the most widespread and substantial changes that millennials inspire, meaning that the entire industry needs to pay close attention to this generation and their priorities.
Christopher Wolfington, Chairman and CEO of FinPay, LLC, is a business leader and entrepreneur with over 29 years of experience in consumer and financial services. Mr. Wolfington is currently living in Philadelphia, PA and continues to use his entrepreneurial talent to identify key opportunities and solutions in high growth markets.