Millennials in Healthcare
Millennials as Patients
Little Known Fact — Prior to seeking healthcare, the average Millennial will review upwards of 15 academic studies, 10 online articles and scour social media for information and referrals.
- Millennials would rather pay more out of their paycheck each month and less when they visit their doctor — even though they rarely go to see their doctor.
- They are not particularly loyal to their hospital or their doctor and have indicated that their healthcare brand preference is situational.
- Gen Y are heavy users of ratings services in selecting healthcare providers — even over recommendations from family members.
Not only are they destined to be the largest generation to date with the most buying power, but by 2020 Millennials will make up half our country’s workforce. And 75% of the workforce by 2025. So, as both employers and marketers, we all need to figure this out.
Who are they?
Born between 1980 and 2000, and 80 million plus in size, this powerful generation is doing things quite differently than any generation that came before them. And we at BVK wanted to learn what makes them tick.
That is why we have dedicated our own resources to gain a deeper understanding of this cohort — who they are and how they make buying decisions in general. And because they are an increasing large segment of the American workforce, we did a deep dive into what today’s employers need from Millennials versus what Millennials are expecting from employers. As you might imagine, there is a bit of a gap that lies between the two.
Understanding this target of prospective consumers and prospective employees is critical in today’s landscape so that we are smarter and more successful in the recruitment and retention of both.
Our foray into the Millennial mindset began with reams of secondary research that existed to first understand how they think overall, and second, their general decision-making process. Then we conducted proprietary research into how they make specific buying decisions in four distinct industries, including healthcare.
We leveraged our partnership with the National Research Corporation (NRC) to find out how Millennials view healthcare and specifically, Obamacare.
To get a copy of our “Rise of the Millennials” healthcare manual, please click here.