Millennials, the generation of people born between 1981 and 1996, have been accused of “killing” every industry from restaurants to gyms, as cover for these industries failing to adapt to the consumption habits of what is now America’s largest generation. In an ironic twist, healthcare providers’ continued reliance on commercial plan revenues to “cross-subsidize” services “underpaid” by Medicare and Medicaid may remain viable for longer than expected, all thanks to Millennials. By 2030, all Baby Boomers will have turned 65 and aged into Medicare, and Generation X is too small to sufficiently replace the commercial volumes of Baby Boomers. However, the eldest Millennials are now turning 45, perhaps the unofficial start of the human body’s “breakdown years,” during which time a person’s healthcare needs and spending rapidly escalate. This presents significant revenue opportunities for providers able to meet this demand, but only if they meet Millennials where they like to receive care. 

For example, Millennials are far less likely to have a primary care provider (PCP) than previous generations, in part due to having come of age in the era of high-deductible health plans. Inspired by these plans to seek care reactively rather than proactively, Millennials have a higher reliance on urgent care clinics and emergency departments, as well as a preference for going straight to specialists. A lifetime of paying for care out-of-pocket has led Millennials to internalize the logic that they are consumers first and patients second. The providers who can offer this generation the highest-value experiences will be the ones to retain their business, whereas those that refuse to evolve may go the way of napkins, formal dress codes, American cheese, and doorbells (and the list goes on).