NEW YORK, May 22, 2014 – More than 10 million Hispanics are eligible to gain health insurance coverage under the Affordable Care Act, representing unparalleled opportunity for businesses aiming to succeed in the emerging New Health Economy focused on delivering consumer-centered care, according to “Hispanics: A growing force in the New Health Economy” a new report from PwC’s Health Research Institute (HRI). The report highlights the enormous opportunity and challenges that traditional healthcare organizations – clinicians, health systems, insurance companies, pharmaceutical and device manufacturers – as well as new market entrants – face when addressing the Hispanic market.
“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 Frank Lemmon, principal, PwC US health industries. “As the health industry shifts in how and where care is delivered – in many cases closer to home – these long-standing behaviors and attitudes are ripe for change. Hispanics have increased buying power, and represent a sizeable opportunity for both traditional and non-traditional healthcare companies. HRI’s report makes clear that companies should have focused strategies for capturing this largely untapped source of revenue.”
In spring 2014, HRI and PwC’s Entertainment, Media, and Communications (EMC) practice set out to better understand Hispanic consumer attitudes and behaviors in the rapidly changed media, technology, and healthcare landscape. The research included a nationwide survey of 500 Hispanics and 500 non-Hispanic consumers, focus groups of Hispanics and non-Hispanics in Dallas and New York City, social media monitoring, and interviews with industry professionals.
“Our research identified a range of cultural and consumer preference factors that differentiate Hispanic healthcare consumers,” said Randy Delgado, director, PwC US health industries. “Respecting the nuances of this diverse market will be critical for companies looking to build trust and market share among the Hispanic population.”
“Hispanics: A growing force in the New Health Economy” revealed six key consumer insights that healthcare companies need to consider regarding the Hispanic market.
Based on these insights, HRI suggests that healthcare companies should consider embedding four key elements in their strategies to reach the Hispanic segment:
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.
About PwC’s Health Research Institute (HRI)
PwC’s Health Research Institute (www.pwc.com/hri) provides new intelligence, perspectives, and analysis on trends affecting health-related industries. The Health Research Institute helps executive decision makers navigate change through primary research and collaborative exchange. Our views are shaped by a network of professionals with executive and day-to-day experience in the health industry. HRI research is not sponsored by businesses, government, or other institutions.
About PwC’s Health Industries Group
PwC’s Health Industries Group (www.pwc.com/us/healthindustries) is a leading advisor to public and private organizations across the health industries, including healthcare providers, pharmaceuticals, health and life sciences, payers, employers, academic institutions and non-health organizations with significant presence in the health market. Follow PwC Health Industries at @PwCHealth.
About PwC US
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