New consumer healthcare research released today from Xerox (NYSE: XRX) at HIMSS16 (booth #8005) shows Millennials (Gen Y, ages 18 – 34) are the most cost conscious generation when it comes to healthcare – with the majority of respondents listing cost as a top consideration when selecting a healthcare provider and 50 percent even delaying treatment due to cost.
When it comes to worrying about cost, Gen Xers (ages 35 – 49) are next up, with 59 percent listing cost as a top consideration in selecting a provider, whereas only 42 percent of Boomers (ages 50 – 68) and 39 percent of the Greatest Generation (age 69+) do. On delaying treatment, 45 percent of Gen Xers have, but only 39 percent of Boomers and 15 percent of the Greatest Generation have.
The study, conducted by Y&R’s BAV Consulting on behalf of Xerox, surveyed 761 U.S. adults who purchase health insurance and are healthcare decision makers for their households.
“The move to consumerism in healthcare is upon us,” said Connie Harvey, chief operating officer, Healthcare Business Group, Xerox. “This data gives a glimpse at how consumers weigh cost in the healthcare decision making process – insight critical to guiding payers and providers as they look to transition to value-based care models.”
By 2018, the Centers for Medicare & Medicaid Services (CMS) will require 50 percent of payments to be value-based, meaning providers are compensated for healthy outcomes rather than each service provided.
The research also examined what consumers need from their healthcare providers to make living a healthier lifestyle a priority – finding that Millennials need the most help (64 percent), followed by Gen Xers at 56 percent, the Greatest Generation at 49 percent and Boomers at 47 percent.
The research also finds:
- Millennials (75 percent) and Gen Xers (71 percent) are more interested in having access to their electronic medical records, and believe this will allow them to be more conscious about lifestyle decisions affecting their health, vs. 53 percent of the Greatest Generation and 57 percent of Boomers.
- The majority of respondents in all generations want their pharmacists, healthcare providers and health insurance companies to be more connected regarding their health, with 70 percent of Millennials agreeing, 69 percent of Gen Xers, 54 percent of Boomers and 59 percent of the Greatest Generation.
“In order for the value-based care paradigm to work, payers and providers need consumers, especially Millennials, to take control of their own care, but clearly they need help getting there,” continued Harvey.
Through Xerox’s Health Outcome Solutions offering – a full lifecycle population health management solution, available starting today – providers immediately have access to a solution to address patient needs, critical in the transition to value-based care, via tools including:
- Analytics that can assess patients at risk of readmission. Clinicians develop a health profile for each at-risk patient and outreach to those patients to encourage follow up appointments and to ensure they are filling prescriptions.
- Clinical offerings including a 24/7 nurse line available for patients with non-emergency questions and access to health coaches who provide personalized patient engagement, including making sure patients are taking medicine as directed.
- IT Infrastructure to power telehealth services.
- Administrative offerings including health risk assessments, appointment scheduling and reminders and patient onboarding.
Xerox Health Outcome Solutions will expand in the future to offer outcome-based solutions to the payer market.
More information on the research can be found in the full report: “A Huge Transition for Healthcare.”
Xerox is located at booth #8005 at HIMSS16, which takes place Feb. 29-March 4 at the Venetian-Palazzo Sands Expo Center in Las Vegas.
Xerox Healthcare helps healthcare organizations focus on improving lives through better, more affordable and more accessible care by designing processes that work for the people delivering, enabling and receiving care.
Xerox is helping change the way the world works. By applying our expertise in imaging, business process, analytics, automation and user-centric insights, we engineer the flow of work to provide greater productivity, efficiency and personalization. We conduct business in 180 countries, and our more than 140,000 employees create meaningful innovations and provide business process services, printing equipment, software and solutions that make a real difference for our clients – and their customers.
 Study conducted by Y&R’s BAV Consulting on behalf of Xerox among 761 U.S. adults who are healthcare decision makers for their households. Full results and methodology available upon request.