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This document is a financial and statistical report required by the Illinois Department of Healthcare and Family Services from long-term care facilities, detailing financial performance, occupancy

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 operational costs.
2. Review previous financial reports to understand the structure and required information.
3. Fill in the facility's identification details including name, address, and license number.
4. Document all sources of revenue including government funding, resident fees, and other income.
5. List all expenses categorized by type such as salaries, supplies, maintenance, and administrative costs.
6. Provide statistical data related to resident demographics, occupancy rates, and staffing levels.
7. Ensure that all data is accurate and consistent with accounting standards.
8. Double-check calculations and totals for accuracy.
9. Submit the completed report to the appropriate regulatory body by the deadline.

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

1. Long-term care facilities must submit the report to comply with state and federal regulations.
2. Government agencies use the report for funding decisions and oversight.
3. Healthcare organizations may require the report for auditing and quality assessment purposes.
4. Stakeholders and investors might need the report to evaluate the financial health of the facility.

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 mandatory document that provides a comprehensive overview of the financial operations and performance metrics of long-term care facilities. It includes essential data regarding revenue, expenses, staffing, and resident care services.

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

All licensed long-term care facilities, such as nursing homes and assisted living facilities, are required to file the Financial and Statistical Report. This is typically mandated by state regulatory agencies or the federal government to ensure transparency and accountability in operations.

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

To fill out the Financial and Statistical Report, facilities must gather detailed and accurate financial data, including balance sheets, income statements, payroll records, and census data. Each section of the report must be completed according to specific guidelines provided by regulatory agencies, often utilizing defined accounting principles.

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 governmental agencies with necessary data to monitor the financial health, operational efficiency, and quality of care provided by long-term care facilities. It aids in compliance assessment and resource allocation decisions.

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

The report must include information such as total revenue, total expenses, staffing levels, patient census data, cost of services provided, and other financial metrics that reflect the operational efficiency and quality of care in the facility.