As purchasing power shifts from the baby boomers to millennials, they will have a growing impact on healthcare technology trends, according to a recent consumer survey from PNC Healthcare.
"The rules of evolution dictate that those insurers and healthcare providers that survive or thrive will be those that adapt sooner than later to the preferences of this fast-paced, technology-driven generation," Jean Hippert, senior vice president of PNC Healthcare, said in a statement.
The survey asked more than 5,000 consumers between ages 21 and 72 years of age or older about patient centered care. The survey divided results among four generations: millennials (ages 21-32), Generation X (ages 33-49), baby boomers (50-71) and seniors (age 72 or more). It revealed the following key trends are being driven by millennials, indicating a growing purchasing power in society's youngest of-age generation.
Here are 5 key findings from the survey.
- Millennials are driving the retail trend: 34 percent of millennials prefer retail clinics and 25 percent prefer acute care clinics, compared to just 17 percent of baby boomers who prefer retail clinics and 14 percent who prefer acute care clinics. Seniors prefer quick care even less: just 15 percent prefer retail and 11 percent prefer acute care clinics.
- Millennials visit their primary care physicians less: Respondents ages 21 to 32 said they go to their primary care physician 61 percent of the time, compared to baby boomers (80 percent) and seniors (85 percent).
- Younger patients depend more heavily on online information to select providers: 50 percent of millennials and Gen-Xers use online reviews, compared to 40 percent of baby boomers and 28 percent of seniors.
- Younger generations also use online information when selecting insurance: 50 percent of millennials and 52 percent of Gen-Xers compare insurance options online, compared to 25 percent of seniors, who prefer print materials (48 percent) and in-person consultations (38 percent) to select insurance plans.
- Millennials and Gen-Xers are more likely to forgo care because it is too expensive: All age groups thought healthcare was too expensive (79 percent) and costs are unpredictable (77 percent), however, 54 percent of millennials and 53 percent of Gen-Xers have put off care due to costs. Just 18 percent of seniors and 37 percent of baby boomers have put off care due to high costs.
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