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This document serves as a mandatory financial and statistical reporting form for long-term care facilities in Illinois, detailing operational statistics, financial performance, and compliance with

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 and records for the reporting period.
2. Identify and list all sources of revenue including patient fees, government funding, and donations.
3. Compile all operating expenses, categorizing them into fixed and variable costs.
4. Calculate net income by subtracting total expenses from total revenue.
5. Collect statistical data such as patient demographics, occupancy rates, and staff-to-patient ratios.
6. Ensure that all data is accurate and consistent with previous reports.
7. Complete the financial and statistical report form by entering the collected financial and statistical information in the appropriate sections.
8. Review the report for any discrepancies or missing information.
9. Submit the report as required by regulatory bodies or stakeholders.

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

1. Long-term care facility administrators and owners who need to report financial performance.
2. Regulatory agencies that require oversight of funding and operational statistics.
3. Potential investors or lenders analyzing the financial health of the facility.
4. Healthcare organizations that evaluate facility performance for accreditation or funding 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 standardized document used to collect financial and operational data from long-term care providers. This report helps in assessing 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, including nursing homes and assisted living centers, that participate in Medicare and Medicaid programs are typically required to file this report.

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

To fill out the report, facilities must gather relevant financial data, including income, expenses, and patient statistics. They need to follow the prescribed format, ensure accuracy, and submit it by the designated deadline.

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

The purpose of the report is to provide transparency and accountability in the long-term care sector, helping regulators and stakeholders assess the financial viability and quality of care provided by these facilities.

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

Facilities must report financial information such as revenues, expenditures, profit margins, bed occupancy rates, and resident demographics, among other operational statistics.