Digital Doc: Over the next 8 years (By 2025), boomers, millennials, Gen Z will reshape health care delivery
Deloitte reports that by 2025 – a mere eight years from now – you’re probably not going to recognize the health insurance industry. While legislation and government mandates will likely continue to slowly shift the industry, we speculate that the tectonic movements will be driven largely by two diverse generations of health care consumers.
Medicare: On one end of the generational spectrum, more than 26 million people will age into Medicare over the next dozen years. These beneficiaries will likely continue to challenge our health economy from a cost and quality perspective, bringing a potential unprecedented burden on the system. We believe this will encourage innovation in care delivery and cost management.
These Medicare beneficiaries of the future, who will likely largely be enrolled in Medicare Advantage (MA) plans, can drive advancements in the coordination of care, chronic-disease management, in-home care delivery and other lower-cost care delivery, and preventative techniques. Health plans managing those MA members will likely have to manage cost and quality at new level of sophistication.
However, the Medicare member of the future may also be evolved from a consumer perspective. A large portion of the age-in population are in the workforce today, and are high utilizers of digital consumer technologies.
Millennials and Gen Z: On the other end of the spectrum are the millennials and Generation Z consumers – today’s teens. Analysts speculate that as these consumers age into adult-hood, they will continue their demand for immediate results for everything – including health care – through ubiquitous, omnichannel connectivity, whether from connected devices, connected cars, connected homes, or connected work environments.
We anticipate this generation will also demand vast improvements in consumer technologies across all consumer domains, including health. Devices that we now see as fun and playful experiments in the health ecosystem – such as wearables, digital pills, the connected contact lens, and in-home monitoring devices – will likely be more integral to the health care delivery system. The Deloitte Center for Health Solutions’ paper, Top 10 health care innovations, features rapidly shrinking wearables and medical devices. Such innovations in consumer technologies can benefit both the young and the aging consumers as they can allow care to be delivered outside the acute setting and can allow preventive medicine to become more mainstream.
By 2025, consumers on these opposite ends of the spectrum will likely define the health care delivery capabilities of the future, and the rest of us can be beneficiaries of these changes.
Contact us at Caney Creek Studio for a free consultation on how to use data analysis, social media, video production, and digital marketing to promote your medical practice.
Jay & Julia Taylor own and operate Caney Creek Studio. Caney Creek Studio is a video production, digital marketing, and social media management agency.