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This document is a mandatory financial and statistical reporting form for long-term care facilities in Illinois, intended for submission to the Department of Public Aid. The report includes various

How to fill out financial and statistical report

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

1. Gather all necessary financial data related to the long-term care facility, including income, expenses, assets, and liabilities.
2. Review the reporting period for which the data is to be compiled, ensuring all information is current and accurate.
3. Complete each section of the financial report, starting with the income statement, detailing all sources of revenue.
4. Fill out the expense section, categorizing costs into fixed and variable expenses to provide a clear financial picture.
5. Include statistical data regarding patient demographics, occupancy rates, and staff-to-patient ratios to complement financial information.
6. Verify calculations for accuracy and ensure compliance with relevant regulations and guidelines.
7. Prepare any required supplemental documentation or explanations as specified by the reporting authority.
8. Review the entire report for completeness before submission, ensuring all required signatures and dates are included.

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

1. Long-term care facility administrators and management teams responsible for financial planning and reporting.
2. State and federal regulatory agencies that oversee the operations and funding of long-term care facilities.
3. Financial analysts or consultants tasked with evaluating the performance of long-term care facilities.
4. Funding organizations, including insurance providers and government programs, that require financial reporting for reimbursement 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 report that summarizes the financial performance and statistical data of long-term care facilities, including nursing homes, to help assess their operational efficiency and financial health.

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.

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

To fill out the report, facilities must gather financial records, calculate relevant statistics, and complete each section accurately using prescribed guidelines and formats, ensuring all data is supported by documentation.

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

The purpose of the report is to provide transparency in financial operations, support regulatory compliance, evaluate facility performance, and inform policy decisions related to healthcare funding and reimbursement.

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

The report must include information such as total revenue, expenses, patient days, occupancy rates, staffing levels, and other operational statistics that reflect the facility's financial condition.