Millennials and the Healthcare Consumer Revolution
How ‘Generation Meh’ is shaping America’s $3 trillion industry
The consumer revolution is being led by Generation Y. That is why medical laboratories, physicians, and hospitals should build testing services to serve them.
Millennials are currently the largest living generation, 72.1 million strong. According to Pew Research data, these individuals, are currently between the ages of 25 and 40, are the largest generation in the labor force.
Too often, this age group is scapegoated for societal changes, but millennials and their impact on the economy must be taken seriously. They have a heavy influence over the future of healthcare, and 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. They use online research tools and valuing feedback from other customers. In addition, this demographic fully embraces the use of convenient, tech-friendly tools like telehealth to gain easy access to providers. Consumerism in healthcare is steadily gaining steam.
With that in mind, healthcare organizations should commit 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 like they are retail consumers. A good place to start would be centering patient preferences in every aspect of the organization. That includes billing, administration, human resources, and clinical decision-making. The transition may seem overwhelming, but you can start with your frontline associates. For example, empower associates to provide a positive experience in the face of constructive patient feedback using these five tactics:
- Actively Listen
- Offer an Apology While Avoiding Blame
- Offer a Solution
- Follow Through
- Stay Professional
Millennials will be driving consumer revolution and healthcare trends for the foreseeable future. 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.
