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This document serves as a financial and statistical report for long-term care facilities, detailing various operational and financial metrics required by the Illinois Department of Public Aid.

How to fill out financial and statistical report

How to fill out FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES

1. Gather all financial data for the reporting period, including income, expenses, and any other relevant financial information.
2. Collect statistical data related to patient care, such as the number of residents, staff ratios, and occupancy rates.
3. Fill out the demographic section, providing information about the facility and its location.
4. Enter the total income generated from all sources, including government funding, private payments, and insurance reimbursements.
5. Document all expenses, categorizing them into operational costs like salaries, utilities, and maintenance.
6. Calculate net income by subtracting total expenses from total income.
7. Report statistical information, such as number of admissions, discharges, and resident health outcomes.
8. Review each section for accuracy and completeness before final submission.
9. Submit the report according to the specific guidelines provided by the governing body or regulatory agency.

Who needs FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?

1. Long-term care facility administrators and managers responsible for compliance and financial planning.
2. State and federal agencies that oversee the operation and funding of long-term care facilities.
3. Investors and stakeholders interested in the financial health of the facility.
4. Regulatory bodies that require regular reporting for monitoring purposes.

People Also Ask about

What is the financial impact of long-term care in the United States?

In the U.S., long-term care costs individuals and their families thousands of dollars annually, with nursing home care often costing more than $100,000 a year (Exhibit 1). Given that many who use these services will need it for at least one year, costs can quickly become burdensome.

What is the largest source of financing LTC?

Medicaid — a government program that helps cover medical costs for people with limited income and assets — is the major source of funding for LTC in the United States.

What is the average monthly cost of long-term care?

Cost of care trends and insights Type of service and rate type2024 national median values2023 national median values Adult day health care Daily $100 $95 Assisted living community Monthly $5,900 $5,350 Nursing home semi-private room Monthly $9,277 $8,669 Nursing home private room Monthly $10,646 $9,7332 more rows

What are typical long-term care premiums?

How much is long-term care insurance? ing to the 2024 American Association for Long-Term Care Insurance (AALTCI) annual Price Index survey, the average annual premium for a $165,000-benefit policy with no inflation protection is $950 for a single male (age 55) and $1,500 for a single female (age 55).

How much does long-term care cost per month?

Cost of care trends and insights Type of service and rate type2024 national median values2023 national median values Adult day health care Daily $100 $95 Assisted living community Monthly $5,900 $5,350 Nursing home semi-private room Monthly $9,277 $8,669 Nursing home private room Monthly $10,646 $9,7332 more rows

What is the average cost of long-term care in the US?

In the United States, long-term care costs between $35,000 and $108,000 a year in 2021. Out of the three different types of long-term care we compared, private rooms in nursing homes are the most costly, with an average of $108,405 a year.

Will Medicare pay for a long-term nursing home?

Long-term care Long-term supports and services can be provided at home, in the community, in assisted living, or in nursing homes. Individuals may need long-term supports and services at any age. Medicare and most health insurance plans don't pay for long-term care.

For pdfFiller’s FAQs

What is FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?

The Financial and Statistical Report for Long-Term Care Facilities is a detailed accounting and statistical document that collects and summarizes financial data and operational statistics for long-term care facilities, such as nursing homes. It is used to monitor the financial health and performance of these facilities.

Who is required to file FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?

Long-term care facilities that participate in Medicaid or Medicare programs are typically required to file the Financial and Statistical Report. Additionally, states may have their own requirements for other types of facilities.

How to fill out FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?

To fill out the report, facilities need to gather financial data such as revenues, expenses, and patient care statistics. They must follow the specified guidelines and formats set by the relevant government authorities, ensuring all sections are completed accurately.

What is the purpose of FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?

The purpose of the report is to ensure accountability and transparency in the financial operations of long-term care facilities, to evaluate the cost patterns and trends in the industry, and to facilitate the allocation of resources and funding by governmental bodies.

What information must be reported on FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?

The report must include information such as total revenues, expenses, patient admissions and discharges, occupancy rates, staffing levels, and demographic information about residents, among other operational statistics.