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This document serves as a financial and statistical report required by the State of Illinois for long-term care facilities, detailing expenses, revenues, and operational statistics for the fiscal
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How to fill out financial and statistical report
How to fill out FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES
01
Gather all financial data for the reporting period including income, expenses, and facilities' liabilities.
02
Collect resident data including admissions, discharges, and occupancy rates.
03
Complete the financial section by accurately reporting revenues from Medicaid, Medicare, and private pay sources.
04
Enter total operating expenses, ensuring to categorize costs such as staffing, supplies, and overheads.
05
Fill out statistical data regarding the number of residents and services provided, including types of care and any special programs.
06
Verify all calculations and ensure that the data aligns with supporting documentation.
07
Review the completed report for accuracy before submission, ensuring adherence to any guidelines or deadlines.
Who needs FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
01
Long-term care facility administrators.
02
Financial officers within healthcare organizations.
03
State or federal regulatory agencies overseeing long-term care.
04
Investors or stakeholders seeking insight into the facility's performance.
05
Researchers analyzing trends in long-term care financing and operation.
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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.
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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 collects and summarizes financial and operational data from long-term care facilities. It is used to evaluate the fiscal health, operational efficiency, and overall performance of 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 under state law are typically required to file the FINANCIAL AND STATISTICAL REPORT. This includes 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 must gather relevant financial data, including revenue, expenses, and occupancy rates. The information must then be entered into the report format, following specific instructions and 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 regulators and policymakers with essential data for monitoring the financial stability and service quality of long-term care facilities. It helps ensure accountability, transparency, and compliance with regulations.
What information must be reported on FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
The report typically requires information such as total revenue, total expenses, patient census, staffing levels, occupancy rates, and other relevant operational statistics that reflect the facility's financial and operational performance.
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