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This document is a financial and statistical report intended for long-term care facilities in Illinois. It collects mandatory disclosures of financial data and statistics related to operational performance,
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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 relevant financial documents from the facility.
02
Review the reporting period for which you are filling out the report.
03
Input the total revenue generated by the facility during the reporting period.
04
List all expenses incurred, including salaries, utilities, and supplies.
05
Calculate net income by subtracting total expenses from total revenue.
06
Complete the statistical section, including number of residents, occupancy rates, and staff-to-resident ratios.
07
Verify all entered data for accuracy.
08
Consult with accounting or finance professionals if necessary.
09
Submit the report to the appropriate regulatory agency by the deadline.
Who needs FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
01
Administrators of long-term care facilities.
02
State and federal regulatory agencies.
03
Financial auditors or accountants.
04
Stakeholders interested in the financial health of the facility.
05
Research organizations studying long-term care.
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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 formal document that captures the financial performance and operational statistics of long-term care facilities. It is designed to provide insight into financial health, expenses, revenues, and service utilization.
Who is required to file FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
Long-term care facilities that receive state or federal funding, such as Medicaid or Medicare, are typically required to file the FINANCIAL AND STATISTICAL REPORT. This includes nursing homes, assisted living facilities, and other care institutions.
How to fill out FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
To fill out the FINANCIAL AND STATISTICAL REPORT, facilities must collect accurate financial data, including income, expenses, and resident statistics, following the guidelines provided by regulatory authorities. Each section of the report should be completed according to the definitions and instructions specified in the reporting requirements.
What is the purpose of FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
The purpose of the FINANCIAL AND STATISTICAL REPORT is to ensure transparency and accountability in the financial operations of long-term care facilities. It helps regulatory bodies assess the financial health of these facilities and ensure compliance with funding and service delivery standards.
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 detailed financial data such as total revenues, expenses, profit or loss, occupancy rates, staffing levels, and the number of residents served, among other operational statistics.
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