As the old saying goes, “the only thing constant in life is change.” The Census bureau recently reported; as of 2015 the millennial generation has now reached 75.3 million, finally surpassing the baby boomer generation (ages 51-69) who now makes up only 74.9 million of the U.S. population. With the emergence of the millennial generation (ages 18-34) taking its place, they are bringing with them new perspectives and experiences to their participation in the market. One market that is likely to encounter significant disruption is health care and how it is chosen.
In a recent study conducted by the PNC, surveys showed a shift in how customers were choosing their insurance providers and health care professionals. Shifting from the past model of choosing a health care provider based on recommendations by primary doctors, the newer generation of customers are using the same technology they have grown up with to make such decisions; the internet. The PNC study showed that nearly three-fourths of millennial do online research before buying a product so should be no surprise millennials would do the same when shopping for health care.
What does this mean for the future of health care?
No one can be 100% sure what the future holds for health care, however when referencing free market principles, competition will sway to meet the demands of the market. With more access to information, reviews of physicians, and access to price comparisons, the millennial generation is without a doubt the most informed generation yet.
What is the millennial generation looking for?
The millennial generation has grown accustomed to fast delivery, unlimited access to information, online reviews, and the ability to try a product or service before making any heavy commitment. It should come to no surprise that these are the same things they will be seeking in their health care options.
Dr. Wright of the Laser, Lipo and Vein center is the leading vein doctor and Liposuction specialist in St. Louis. As a leading practitioner, it is important to have the foresight of future trends in the market so as to be prepared to meet and exceed the demands of all of our clients.