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This document outlines the financial and statistical data required by the Illinois Department of Public Aid from long-term care facilities for the fiscal year 2002, including details on facility operation,

How to fill out financial and statistical report

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

1. Gather all relevant financial documents and data related to the long-term care facility.
2. Review the reporting period for which the statistics are being compiled.
3. Fill out basic facility information, such as name, address, and contact details.
4. Input total resident days and average daily census for the reporting period.
5. Document revenue sources, including Medicaid, Medicare, private pay, and other income.
6. List all expenses categorized by operational costs, staffing, and other relevant expenditures.
7. Calculate and report on any key financial metrics required by the report.
8. Double-check all entries for accuracy and completeness.
9. Sign and date the report, and ensure all necessary approvals are obtained before submission.
10. Submit the completed report by the specified deadline.

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

1. Long-term care facilities that provide services to elderly or disabled residents.
2. Regulatory agencies that oversee long-term care operations and funding.
3. Financial institutions that assess the financial health of these facilities.
4. Management teams within the facilities for internal financial assessments.
5. Stakeholders who require data on operational performance and funding.

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 document that details the financial performance and operational statistics of long-term care facilities. It is used for regulatory compliance, funding assessment, and evaluating the quality of care provided.

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

Long-term care facilities that receive state or federal funding, including nursing homes and assisted living facilities, are required to file the FINANCIAL AND STATISTICAL REPORT. This requirement typically applies to facilities seeking reimbursement from Medicare, Medicaid, or other government programs.

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

To fill out the FINANCIAL AND STATISTICAL REPORT, facilities must gather pertinent financial data and operational statistics. The report usually consists of sections on revenue, expenditures, occupancy rates, staffing levels, and patient demographics. Facilities should ensure accuracy and completeness, following the specific guidelines provided by regulatory authorities.

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 a transparent account of the financial health and operational efficiency of long-term care facilities. It aids in ensuring accountability, facilitates funding distribution, and helps in policy formulation and quality assessment.

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

The information required on the FINANCIAL AND STATISTICAL REPORT includes total revenue, total expenses, patient admission statistics, average daily occupancy, staff-to-patient ratios, and data on the types of services provided. Additional demographic information about the patient population may also be required.