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MILLENNIALS ARE LEADING THE CONSUMERIZATION OF HEALTHCARE: Millennials - those born between 1977 and 2000 - are far more likely to seek out alternative modes of healthcare delivery and make research-driven shopping decisions than older generations, according to the results of a newly released survey by EBRI Research. Because millennials account for the largest share of the population, the way they engage with healthcare organizations can have a significant impact on customer retention and revenue.
- Millennials are more likely to research things like the cost of care, health plan coverage, and the quality rating of a doctor or hospital before using the services. Although some Gen Xers and Baby Boomers also report researching certain aspects of healthcare before using it, the vast majority of millennials do so more regularly. Because of this, healthcare organizations that make it easier to find information such as ratings and costs could incentivize the younger generation to use their services over another company's.
- Millennials are more likely to seek out more convenient ways to engage with healthcare professionals. Forty percent of millennials say that telemedicine services are either extremely or very important. That's compared to 27% of Gen Xers who reported that telemedicine is extremely or very important and 19% of Baby Boomers who say the same. Telemedicine is the use of telecommunications for clinical healthcare delivery, such as video conferencing with their physician.
Healthcare organizations have an opportunity to differentiate themselves if they can prove they are on the leading edge of healthcare delivery. Just as they have in other industries, such as shopping and banking, the way Millennials are engaging with providers and payers will likely dictate the direction younger generations are likely to head in terms of healthcare expectations. Providers, payers, and pharmaceutical companies that are offering solutions aimed at serving this generational cohort in ways that emphasize convenience and transparency of information, such as having an app or offering telehealth services, will be well-positioned to see continued growth. Alternatively, businesses that don't implement these changes could find themselves falling behind the rest of the healthcare industry.
Providers and insurers have an opportunity to increase consumer adoption of telehealth solutions with the right incentives. Of the two-fifths of US consumers who said they wouldn't have their next general consultation remotely, 57% could be convinced otherwise, according to the Business Insider Intelligence Insurance Technology Study. Further, 28% said they'd use telehealth services if provided with a free in-person follow-up visit if it was required.
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ADDITIONAL DIGITAL HEALTH APPLICATIONS WILL HELP DRIVE FUTURE WEARABLE SHIPMENTS: A combination of lower price points and the addition of more health sensors will be a prominent driver in global wearable device shipments, according to a new report from IDC. As the cost of fitness trackers, smartwatches, and other healthcare wearables - such as chest strap heart rate monitors - decreases, these devices will become available to new audiences interested in monitoring their health. Device makers will also continue to improve their offering in order to provide more accurate health data readings. That will increase trust in data from the devices and drive healthcare organizations to adopt them for their diagnostic and chronic illness tracking capabilities. Overall, the global wearables market will grow over 65% to reach 219.4 million shipments in 2022, up from an estimated 133 million in 2018. That represents a 13.4% compound annual growth rate (CAGR) over the four-year period. Shipment estimates are based on wrist-worn wearables (e.g. smartwatches, basic watches, and basic wristbands), connected earwear like Apple's AirPods, and connected clothing.
PAPER RECORDS REMAIN DATA HAZARD FOR PATIENT DATA: As more hospitals and healthcare organizations transition from hard copies to electronic health records (EHR), paper records have become a massive data hazard, according to a research letter published in JAMA Network. Hospitals often dispose of records in garbage bags and recycling bins. The team of researchers conducted a recycling audit of five teaching hospitals in Toronto, Canada between November 2014 and May 2016, and uncovered almost 2,700 documents with personally identifiable information (PII) and personal health information (PHI). More than two-thirds (39%) of these paper records were judged as having "high sensitivity," meaning they included identifiable information and a description of the patient's medical condition. It's important to note that the study didn't't verify whether it was staff or patients who discarded the files. Nevertheless, as the volume of health data breaches continues to increase, the report highlights the importance for healthcare organizations to ensure that both EHRs and paper-record are secure. This is particularly important in healthcare, where human error is the most common cause of leaked, lost, or stolen patient information.
MAYO CLINIC COMBINES WITH CLOUD STARTUP TO REVOLUTIONIZE DISEASE EDUCATION: Mayo Clinic and cloud startup Mytonomy are partnering to make it easier for cancer patients to understand and use information about their illness, according to the Chicago Evening Post. The healthcare system and cloud company are creating customized short videos that focus on frequent questions and concerns that arise during breast cancer treatment, and can be accessed on mobile devices. The aim of the learning videos is to enhance shared decision-making between patients and providers, leading to a better patient experience. Mytonomy applies behavioral and learning science to drive better health outcomes. In this instance, the startup leveraged data on the modern consumer showing a preference for short-burst, focused, engaging, personalized, culturally relevant, and self-directed content that can be accessed anytime, anywhere, on any device. Using its Patient Experience Cloud platform, Mytonomy can then track usage and tailor the content at scale.
IN OTHER NEWS
- 1492, Amazon's secretive healthcare division, is eyeing healthcare solutions for the aging population, according to CNBC. The team has reportedly been meeting with the American Association of Retired Persons (AARP) since 2015.
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