Healthcare Companies Have Significant Opportunity to Gain Customer Loyalty of Hispanics, Reports PwC’s Health Research Institute
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"Hispanics have tremendous consumer purchasing power, but our research shows that they have also been more likely than other consumers to delay health care, and don't have great trust in the U.S. health system," said
In spring 2014, HRI and
"Our research identified a range of cultural and consumer preference factors that differentiate Hispanic healthcare consumers," said
"Hispanics: A growing force in the New Health Economy" revealed six key consumer insights that healthcare companies need to consider regarding the Hispanic market.
- On average, cost is most important to Hispanics when it comes to care, while quality is most important for non-Hispanics. 46% Hispanics vs. 35% non-Hispanics consider cost most important; 53% non-Hispanics vs. 42% Hispanics consider quality most important.
- Hispanics are less likely than other consumers to use a doctor as primary caregiver when facing a non-emergency condition (66% vs. 76%), and they are more open to using community health clinics in their neighborhood, non-traditional settings such as retail clinics, and alternative caregivers such as pharmacists.
- More Hispanics than non-Hispanics use social media, mobile apps and Internet searches to find information about doctors and insurance companies, and Hispanics are more likely to be influenced by the information when making decisions about care and insurance plans.
- Hispanics are less likely to share personal information than other consumers. Regardless of benefits they might receive, 33% of Hispanics said that they are not willing to share personal information compared to 26% of other consumers.
- Hispanics are more likely than other consumers to live in multi-generational households and may be helping manage others' health conditions – quite possibly individuals who lack familiarity with the U.S. health system.
- Regardless of income, education, and insurance status, some Hispanics would rather cross borders to seek care, and travel to their birth countries to buy lower-cost medications for the entire family.
Based on these insights, HRIsuggests that healthcare companies should consider embedding four key elements in their strategies to reach the Hispanic segment:
- Recognize that non-traditional health businesses, or new entrants, might have an advantage. Perhaps more than any other consumer group, Hispanics are cost conscious, mobile savvy, and do not necessarily seek healthcare within the traditional
$2.8 trillionU.S. healthcare system.
- Realize that all healthcare companies looking to reach the Hispanic market will have to work harder to earn their trust. Partnerships with trusted community-based organizations will be essential to extending companies' future success with a group that is less likely to share personal information.
- Focus on online and mobile platforms. The Hispanic community socializes, communicates, researches and purchases in cyberspace – and healthcare companies should consider tapping into existing social and mobile platforms that are popular with Hispanics.
- Respect the traditional and generational nuances of the Hispanic market. Hispanics are not a uniform group. Businesses should develop strategies for different Hispanic ethnicities and generations, and for addressing ingrained habits and cultural preferences.
For more information and to download an electronic copy of "Hispanics: A growing force in the New Health Economy" visit www.pwc.com/us/hispanichealthcare.
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SOURCE PwC US