Whatcha Want? Consumerism in Healthcare

16 Jun Whatcha Want? Consumerism in Healthcare

Want (wŏnt) v.

1. To desire greatly; wish for; have an inclination towards
2. To request the presence or assistance of
3. To seek with intent to capture

An interesting study was released today in the McKinsey Quarterly under the moniker, “What Consumers Want in Health Care“. The central theme of the publication was the large and growing opportunity for a new type of health care “infomediaries” (who traffic in the flow, enhancement, and interconnectivity of information) to have a large and sustained impact in the transformation of our current system to a next generation system required to meet the health needs of the future.

A few relevant quotes:

• Retail health consumers constitute a market worth hundreds of billions of dollars annually
• Currently 116M consumers have a choice of health insurance (expected to be 151M by 2011)
• Most consumers still do not “shop” for insurance – 74% will like purchase from current health insurer
• People who do “shop” do so during moments of considerable change – and a full 41% either considered or changed insurance
• Most people need additional guidance, education, and advice to make decisions
• Innovative, cross-industry products that assist with the complex decision making will be highly valued by an influx of consumers eager for options but unsure where to turn

Mckinsey has published a series of papers on the “retailization” of healthcare and the convergence of health and financial sectors as the transition continues. They are obviously seeing a compelling need for an organization that can help aggregate data, analyze information, and provide advisory services back to consumers in a personalized, value-added way.

I am sure there will be something coming down the pike that will help you crossover to the next generation health care system.  ; 0