If you operate a senior living facility, here is something to put at the very top of your to-do list: Survey your residents to understand the choices they have made in the Medicare open enrollment period, which is closing tomorrow.
I know you are already busy. For most executives, the beginning of a new year also means a few heavy first quarter financial chores: Revisit those annual targets, and gear up for tax time. But for senior living providers, it means a whole lot more – or at least it should. With the proliferation of the variety of plans, as well as Accountable Care Organizations, bundled payment demonstrations and other networks, consumer choices made in the open enrollment period matter more than ever.
The healthcare system is like the Earth's surface: Placid on the outside but with profound tectonic shifts underneath, with the potential to shake up the landscape in meaningful ways that can't yet be seen. You might feel a tremor, but have no idea that your whole world is about to go through a dramatic change.