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&Rs BAV Consulting on behalf of Xerox1, 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…
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