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This document is a mandatory financial and statistical report for long-term care facilities in Illinois, detailing operational data, costs, and funding compliance necessary for state program payments.

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 documents from the facility, including income statements, balance sheets, and expense reports.
2. Review the previous year's report for consistency and format reference.
3. Start with the facility identification section, filling in the name, address, and licensing information.
4. Enter revenue data, categorizing it into patient care revenue, other operating revenue, and non-operating revenue.
5. Document expense data, separating it into categories such as salaries, operational costs, and administrative expenses.
6. Calculate the Net Income by subtracting total expenses from total revenue.
7. Fill out statistical sections such as occupancy rates, staffing levels, and patient demographics.
8. Ensure all data is accurately reported and supported with necessary documentation.
9. Review the report for any discrepancies and ensure compliance with the required guidelines.
10. Submit the report by the deadline specified by the regulatory authority.

Who needs Financial and Statistical Report for Long-Term Care Facilities?

1. Long-term care facilities that are licensed and required by law to provide financial transparency.
2. Regulatory bodies that need to assess the financial health and operational effectiveness of care facilities.
3. Investors or stakeholders interested in understanding the financial performance of the facility.
4. Insurance companies that require financial reports to process claims for covered services.
5. Administrators and managers of the facility for internal reviews and future planning.

People Also Ask about

What percentage of people age 75 to 84 live in nursing homes?

ing to their national study of long-term care providers: 38.6% of nursing home residents are older than 85. 26.7% of residents are between 75 and 84.

What percentage of people with long-term care insurance actually use it?

So, 35% will use their coverage and 65% will not. As you might assume, the decline is because during those first 90 days, some people will recover and some will die.

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 average daily rate for long-term care?

ing to Genworth's estimates, the median cost of a private room in a nursing home is $339 per day or $10,326 per month in 2025. Semiprivate rooms are more affordable, with a median cost of $302 per day or $9,197 monthly.

How much does a home nurse cost per day?

Homemaker Services Costs By State StateHome Care Median Hourly RateHome Care Daily Rate / 8 hours California $38.19 $240 Colorado $37.13 $233 Connecticut $32.89 $207 Delaware $25.46 $16048 more rows

What does long-term care cost per day?

Consider the national median costs for long-term care services²: $255 a day(or $7,756 per month) for a semi-private room in a nursing home. $290 a day (or $8,821 per month) for a private room in a nursing home. $141 a day (or $4,300 per month) in an assisted living facility.

How much does Medicare pay for long-term nursing home care?

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.

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).

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 document that collects and presents financial data and operating statistics from long-term care facilities to ensure transparent reporting and compliance with regulatory requirements.

Who is required to file Financial and Statistical Report for Long-Term Care Facilities?

All licensed long-term care facilities, including nursing homes and assisted living facilities, are typically required to file this report to provide essential financial and operational data.

How to fill out Financial and Statistical Report for Long-Term Care Facilities?

To fill out the report, facilities must gather relevant financial documents, accurately complete each section of the report with required metrics and statistics, and ensure all data reflects the reporting period before submission.

What is the purpose of Financial and Statistical Report for Long-Term Care Facilities?

The purpose of the report is to provide state regulators with a comprehensive overview of facilities' financial health and operational effectiveness, enabling better oversight and resource allocation in the long-term care sector.

What information must be reported on Financial and Statistical Report for Long-Term Care Facilities?

The report must include information on revenues, expenses, patient occupancy rates, staffing levels, and any other relevant financial or operational data that helps paint a complete picture of the facility's performance.