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This document is a financial and statistical report required by the State of Illinois Department of Healthcare and Family Services for long-term care facilities. It collects mandatory disclosed information

How to fill out financial and statistical report

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

1. Gather necessary financial documents, including income statements, balance sheets, and budgets.
2. Review reporting periods and ensure all data is current and accurate.
3. Fill out the demographic section with information about the facility, such as name, address, and contact details.
4. Enter the total number of residents, admissions, and discharges in the specified fields.
5. Document sources of revenue, including patient payments, government reimbursements, and other income.
6. Report expenses categorized by services, administrative costs, and facility maintenance.
7. Calculate and report the net income or loss for the reporting period.
8. Include statistical information related to staffing levels, employee hours, and resident care metrics.
9. Review all entries for accuracy and compliance with reporting standards.
10. Submit the completed report to the appropriate regulatory agency by the specified deadline.

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

1. Long-term care facilities that require documentation for regulatory compliance.
2. Administrators and managers who need financial oversight for budgeting and planning.
3. Policymakers and government agencies monitoring the financial health of care facilities.
4. Stakeholders and investors assessing the viability of long-term care services.

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 comprehensive report that collects financial and operational data from long-term care facilities. It is designed to assess the economic health, efficiency, and quality of care provided by these facilities.

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

Long-term care facilities that receive public funding or are licensed by state regulatory agencies are typically required to file the FINANCIAL AND STATISTICAL REPORT. This may include nursing homes, assisted living facilities, and other similar establishments.

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

To fill out the FINANCIAL AND STATISTICAL REPORT, facilities should gather relevant financial records, statistical data regarding patient care, and operational details. The report generally includes sections on revenues, expenditures, facility occupancy rates, and staffing levels. Detailed guidance is often provided by the relevant regulatory agency.

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

The purpose of the FINANCIAL AND STATISTICAL REPORT is to provide transparency and accountability regarding the financial operations and care quality of long-term care facilities. It helps regulators, policymakers, and stakeholders monitor compliance with regulations and assess the service quality offered to residents.

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

The report must include a variety of information such as total revenue, operating expenses, patient census data, staff-to-resident ratios, and other quality indicators. Specific reporting requirements may vary by state or regulatory body.