Millennials and the Healthcare Consumer Revolution

Millennials and the Healthcare Consumer Revolution May 17, 2021

How ‘Generation Meh’ is shaping America’s $3 trillion industry? The consumer revolution is being led by Generation Y; medical laboratories, physicians, and hospitals should build testing services to serve them.

Millennials are currently the largest living generation, 72.1 million  strong. These individuals are currently between the ages of 25 and 40, and they’re also the largest generation in the labor force, according to Pew Research data.

This age group is often scapegoated for our ever-changing society, but millennials and their impact on the economy must be taken seriously. Millennials have a heavy influence over the future of healthcare, which can’t be ignored. Healthcare organizations are taking notice of how millennials are shaping the healthcare consumer revolution

Embracing Healthcare Consumerism

Millennials make healthcare decisions like they make other purchasing decisions–using online research tools and valuing feedback from other customers. In addition, this demographic has fully embraced the use of convenient, tech-friendly tools like telehealth to gain easy access to their healthcare providers. Consumerism in healthcare is steadily gaining steam, and healthcare organizations should consider a full commitment to this growing trend in order to engage this population who prioritize a tech-enabled, user-friendly experience.

To attract millennials, organizations must look at patients as though they are retail consumers. A good place to begin enacting healthcare changes would be centering patient preferences in every aspect of the organization–including billing and technology, to facilities and administration, human resources and clinical decision-making. The transition may seem overwhelming, but a good place to start would be with your frontline associates. For example, empower associates to provide a positive experience in the face of constructive patient feedback using these five tactics:

  1. Actively Listen
  2. Offer an Apology While Avoiding Blame
  3. Offer a Solution
  4. Follow Through
  5. Stay Professional

Millennials will be driving consumer revolution and healthcare trends for the foreseeable future, and as a consequence, healthcare organizations have a generational opportunity to enact improvements to meet the present and future needs of this population. Empathetic listening, active engagement, and cultivating partnerships with millennials will help healthcare providers to deliver better care and an improved experience.

¹Fry R. Millennials overtake Baby Boomers as America’s largest generation. Pew Research Center. https://www.pewresearch.org/fact-tank/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/. Published August 28, 2020.

author

Edward Shin, MD

CEO and Co-Founder

Previously co-founded WellApps and Healogica. Built and led a healthcare team at Gerson Lehrman Group. Director of Content Development at Healthology. Ed received his BA and MD from the University of Pennsylvania School of Medicine. Completed his residency in Internal Medicine at Columbia Presbyterian Medical Center in New York and is board-certified in Internal Medicine.

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