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Ophthalmology Management

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The Millennial-LASIK Connection

THIS LARGE DEMOGRAPHIC IS FINDING THAT LASIK IS A GREAT FIT

Ophthalmology Management June 1, 2017

Millennials are now America’s largest generation. Born 1981 to 1997, the group is 75.4 million strong, surpassing 74.9 million baby boomers (born 1946-1964) and about 66 million members of gen X (born 1965-1980).1 No longer the nation’s “kids” (a title now claimed by a group demographers not-so-originally referred to as the “post-millennial” generation), millennials are now 20 to 36 years old. It is a diverse group, encompassing those still in college or just joining the workforce and still dependent, at least in part, on their parents, as well as 30-somethings with established careers and homes. Interestingly, nearly 30% of millennials are parents.2

With such a wide disparity in age and lifestyle, why do we so often see the millennial generation referred to not merely as an age group, but instead as a unified demographic? What exactly unites them?

These questions have been the subject of endless research and analysis. Most importantly for today’s ophthalmic practices, research into millennial values, consumer habits, and healthcare preferences can lay out a clear path to acquiring a new millennial LASIK customer base — and a source of long-term, organic growth. The following are key insights that reveal how this group views health and finances.

» Choosing LASIK already: In 2014 and 2015, about 62.9% of refractive surgery patients were aged 18 to 34, compared with about 19.65% being aged 35 to 44, 9.15% 45 to 54, and 8.35% 55 to 64.3

» Lamenting their eyeglasses and contact lenses: In an international study, 80% of millennials said wearing glasses or contact lenses impeded their lifestyle. Vision correction was inconvenient to interests and hobbies for 76%; inconvenient to work and study for 73%; a travel inconvenience for 75%; and a love life woe for 46%. Of those who had undergone LASIK, 62% did so for convenience, followed by 23% for appearance.4

» Seeking a healthy lifestyle: One study showed that millennials look at health not as the absence of disease or injury, but rather as a more holistic lifestyle that includes healthy habits and relationships with family and friends. And, while all age groups place longevity high on their lists of reasons to get and stay healthy, millennials far exceed other groups — 64% compared with a 53% average of other generations — in their desire to be healthy as a way to benefit/preserve their youthful appearance.5

» Building credit: Although many patients may not be willing to use cash on hand for procedures not covered by insurance, they may be open to financing. Millennials, the source of 40% of Facebook’s money talk, worry about debt and credit scores, and say they need financial guidance. Some 46% are using credit cards to build credit, while 36% say they enjoy the flexibility that credit affords them.6

» Recommending their doctors through social media: A study showed that among young millennials aged 18 to 24, 80% would share health information on social media, and almost 90% would use social media for health activities or to find health information they perceive as reliable (much higher numbers than patients aged 45 and older).7 Patients ages 18 to 24 trust doctor recommendations from friends and family almost twice as much as other age groups, and 42% use published online reviews to find a doctor.8

» Translation: Millennials share many of their experiences through social media, including what they consider to be exciting health information, such as a successful LASIK procedure that frees them from their eyeglasses. These posts can quickly be seen by hundreds of people and drive new patients into your practice.

A Promising Outlook

The numbers look promising for LASIK. The procedure fits nicely into millennials’ goals for vision and health. They may be able to afford LASIK outright or some may be very willing to finance it. They are already choosing LASIK, and those numbers will increase with the right information. With help from millennial LASIK experts Shanda P. Ross, OD, and Keisha M. Reedus, Clinical Director and Practice Administrator at Clarity Refractive Services, a TLC Laser Eye Center affiliate in West Orange, N.J., the articles within this supplement break down what millennial LASIK candidates want from you and what other practices are already doing to connect with this important demographic. •

REFERENCES

  1. Fry R. Millennials overtake Baby Boomers as America’s largest generation. Pew Research Center. April 25, 2016. Accessed online April 4, 2017: http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/O’Connor
  2. Vos L. What Healthcare Gets Wrong About Millennials. Fortune. Dec 16, 2016. Accessed online April 4, 2017: http://fortune.com/2016/12/16/healthcare-millennials/
  3. U.S. Optical Overview and Outlook. The Vision Research Council. December 2015. Accessed online April 4, 2017: https://www.thevisioncouncil.org/sites/default/files/Q415-Topline-Overview-Presentation-Stats-with-Notes-FINAL.PDF
  4. Insights into Eyesight Survey 2015. Abbott Medical Optics. July 2015. Accessed online: http://www.ilasik.sg/wp-content/uploads/2016/02/Infographic_Singapores-millennials-261015.pdf
  5. Consumer Health Mindset Study 2016. Aon Hewitt. Accessed online: http://www.aon.com/attachments/human-capital-consulting/2016-Consumer-Health-Mindset.pdf
  6. Millennials + Money: The unfiltered journey. Facebook IQ. January 2016. Accessed online May 18, 2017: https://fbinsights.files.wordpress.com/2016/01/facebookiq_millennials_money_january2016.pdf
  7. Social media “likes” healthcare: From marketing to social business. Health Research Institute. April 2012. Accessed online April 4, 2017: http://www.pwc.com/us/en/health-industries/health-research-institute/publications/pdf/health-care-social-media-report.pdf
  8. How Millennials Shop for Healthcare. August 2015. Nuance Communications. Accessed online May 18, 2017: https://www.slideshare.net/NuanceInc/how-millennials-shop-for-healthcare-in-a-digital-world?utm_source=millennial-patient-press-release&utm_medium=nuance&utm_campaign=art-of-medicine-2

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