Cost Transparency and Convenience: What Millennials Want from Healthcare
August 10, 2016
Categories: Thought Leadership
Millennials have surpassed Baby Boomers to become the largest living generation, and 18- to 34-year-olds are focused on very different things in healthcare than previous generations. Being a millennial myself, I see the vast differences between the wants and needs of my peers compared to those of my parents or grandparents. While Baby Boomers and Generation-Xers are generally patient and resigned, Millennials are often the opposite. Accustomed to talking to friends or even ordering a meal with simply the touch of a button, millennials want everything quickly and conveniently. Healthcare is no exception.
It makes sense then that Millennials’ top concerns regarding healthcare are cost, convenience, and speed. Many young people believe that healthcare is overly complicated. Millennials do not want to wonder what is covered by their healthcare provider and what is not. They want healthcare to be transparent in all aspects, chiefly in cost. As the generation with the most amount of debt due to student loans, Millennials do not want hidden costs or overly expensive fees. They want a good faith estimate up front. Yet 34% of Millennials interviewed by PNC stated that their actual bill was in fact higher than the estimate. Millennials want to change this. And a recent USA Today exposé describes why and how they plan to do this by having both the financial clout (i.e., spending power) and political clout (i.e., the 2016 Presidential Election) to influence real change in the industry.
Equally important to Millennials is speed. They are avoiding the process of creating and waiting for an appointment by turning to urgent care clinics, telemedicine and, of course, technology. More so than ever before, this generation is using web-based systems, mobile apps and email to manage their personal health. This is becoming easier and easier to do with over 9,000 health and medical apps available.
As someone who is not only a Millennial but also working for CNSI, I see this interesting correlation firsthand. Technological innovation is at the core of everything we do here. With mobile apps such as myHealthButton, this company is designing health IT solutions that promote connectivity between patients and providers, something my generation is looking for. With its holistic, streamlined approach to healthcare, I am excited to support a company that understands what I want.
This blog entry was written by Anjali Chatterjee, CNSI’s Marketing Communications Intern. Joining the company for a few months before heading off to the University of Michigan to study Business, Anjali is gaining valuable experience in the healthcare IT industry. Feel free to contact Anjali at Anjali.Chatterjee@cns-inc.com.