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Experts Say Millennials Are Taking Over The Healthcare Industry

Millennials are known to be the generation that would change the world in a lot of ways. In fact, they have already started by actually living in it. One of the major things that is said to have changed is the economy on healthcare. According to reports, organizations that are involved with healthcare are not exactly ready for this generation. Which is why, more and more tech companies are making their way into the healthcare industry such as Apple as well as Amazon.

Millennials VS. Healthcare Industry

According to experts, millennials tend to be wiser in a lot of different aspects, and they can easily identify how the healthcare industry is actually lacking when it comes to retail and customer service which is why they are not as keen on the traditional model when it comes to the accessibility of healthcare. With companies such as Amazon and Apple making their way into the healthcare world, every other company that has always been involved in healthcare are teaming up with tech companies and doing everything they possibly can to be able to adapt into the change since they need to move faster or they wouldn’t be able to catch up. There are in fact four major factors that the current healthcare industry must look into and try to upgrade in order to solve their millennial problem: lack of trust, too expensive, technology issues, and lack of information

SKEPTICAL MILLENNIALS

One of the most important things the healthcare industry should always keep in mind is that they should never underestimate the millennial mentality. They are indeed wiser when it comes to everything — they have lived through a financial crisis such as a downfall of the economy and being on student debt, and now with the controversial administration that the United States has. However, in a recent study, it was discovered that only about 58 percent of millennials actually trust doctors. This is all based on the Greyhealth Group and Kantar Health study wherein they also said that millennials trust the search engine, Google, more when it comes to health information — one of the reasons is because they tend to rely more on health forums wherein people share different information and experience regarding a particular type of health-related situation, and try them out first before actually going to a doctor.

Dependence on Technology

Technology is definitely taking over the world which is why millennials are definitely relying on it more and more. They rely more on the internet with the use of their smartphones and other devices to get information about healthcare, and they also use wearable technology such as smart watches to be able to track their fitness which could all be connected and synced on their mobile apps. This is indeed very convenient for them which is why they rarely go to the doctor’s office when they are feeling under the weather. To them, doctors are considered as their last resort when it comes to non-critical health concerns.

According to the former CEO of Greyhealth Group Lyn O’Connor, millennials have such great minds so their opinions always matter. Which is why healthcare-related companies turn to tech companies for help to be able to adapt to what millennials need and want since they are the consumers of today. They want it fast, but at the same time, they also want the quality of everything to be at its best.

Struggle on Health Insurance and Bills

If you are a millennial yourself, you will know the struggle. It seems like millennials are at the wrong place at the wrong time when it comes to health insurance and the overall healthcare market. This is all according to Jonathan Wiik, the principal of a healthcare unit known as the TransUnion. It seems like people born from the year 1980 to 1995 are having a hard time paying hospital bills since 74 percent of them actually failed to be able to pay all their medical expenses in 2016. Wiik even said that it has become very typical based on his interviews with hospitals on their bill collection. Which is why the hospitals are thinking of ways for this to change immediately for the benefit of everybody, just like being able to prepare patients for their costs as well as offering flexible payment plans.

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