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Ch-ch-ch-changes: The baby boomer generation and healthcare
Last week Altera Digital Health published a blog by my colleague, Jaimes Blunt, discussing healthcare trends among Generation Z, the generation currently aging into adulthood. Therefore, we thought it would be appropriate to continue exploring generational trends, following up with those in and entering retirement years: the baby boomers. Born 1946–1964, roughly 72M baby boomers comprise the second-largest generation in the U.S. after millennials.
Here are a few notable points for healthcare organizations to keep in mind:
A snapshot of boomers’ health
Estimates show that among adults 65 and older, 80% have at least one chronic condition, and 77% have at least two. Additionally, among this cohort, approximately 75% will require long-term care and 40% will require care in a skilled nursing facility.
Generally speaking, health declines as we age, so these statistics may not be surprising. With that said, the broader healthcare ecosystem must be prepared to respond to an uptick in utilization and complexity as the senior population grows, given the size of the boomer generation. According to figures from the most recent U.S. census, the number of residents 65+ rose at the highest rate in over a century from 2010 to 2020.
Additionally, more than two-fifths of baby boomers have no retirement savings. Maintaining and expanding relationships with community-based care organizations may be necessary to address social determinants of health (SDOH) and help patients find the services they need to improve their health and well-being outside of hospitals and practices.
Preferences as patients
When we think about how healthcare will shift in the coming years, technology’s role is top-of-mind for many of us in the industry. But some patients may be reluctant regarding these changes. Research suggests that baby boomers tend to have more traditional preferences when it comes to healthcare (though not always overwhelmingly so). For example, one survey found that 64% of baby boomers prefer in-person care and just 2% prefer virtual care, though 31% say they prefer hybrid models.
Similarly, many healthcare industry stakeholders are keeping tabs on organizations that are trying to disrupt healthcare. However, these new market entrants may not have an advantage when it comes to courting patients of the boomer generation. A report from the American Hospital Association (AHA) and American College of Healthcare Executives (ACHE) indicates that baby boomers value name-brand, high-quality and high-touch patient experiences, such as concierge care, more than younger generations.
The shifting healthcare workforce
As baby boomers continue aging into retirement, healthcare organizations need to consider not only how this will affect their patient populations, but also what that means for their own teams. One survey from a subsidiary of the American Medical Association (AMA) found that approximately 30% of physicians retire between ages 60 and 65, and another 12% retire before turning 60. This wave of retirements will likely contribute to staffing challenges, as there could be a shortage of up to 139,000 physicians in the U.S. by 2033.
For healthcare organizations, this may mean hiring more advanced practitioners that aren’t physicians, such as nurse practitioners and physician assistants/physician associates (PAs). More broadly, healthcare organizations should also think about ways they can retain institutional knowledge among clinical staff members to foster smooth transitions amid personnel changes.
While each patient has individual needs and preferences, these trends can help inform ways to offer more personalized experiences to those of the boomer generation. Altera is committed to making healthcare more personal, accessible and understandable for everyone involved, from all generations. Learn how we’re working toward that vision here.