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This document is a comprehensive financial report required to be filed by long-term care facilities in Illinois, detailing various financial statistics and operations for the fiscal year.
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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 your financial data including revenue, expenses, and cash flow statements.
02
Organize data by category such as patient costs, staffing expenses, and operational costs.
03
Enter the total number of residents or patients served during the reporting period.
04
Document any state and federal funding received.
05
Calculate the average daily census and bed occupancy rates.
06
Report any capital expenditures and investments made during the year.
07
Complete all statistical sections detailing services provided and outcomes.
08
Ensure all data is accurate and matches supporting documents.
09
Review the report for completeness and clarity.
10
Submit the report by the specified deadline.
Who needs FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
01
Long-term care facilities seeking funding and regulatory compliance.
02
State and federal health agencies for tracking and oversight.
03
Investors and stakeholders interested in the facility's financial health.
04
Administrators and management for internal planning and decision-making.
05
Researchers and policymakers analyzing long-term care trends.
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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 captures the financial status and operational data of long-term care facilities, including nursing homes and similar institutions.
Who is required to file FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
Long-term care facilities, including nursing homes that receive federal and/or state funding and are licensed to provide care, are required to file the Financial and Statistical Report.
How to fill out FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
To fill out the report, facilities must gather financial and operational data, follow the provided guidelines and instructions for each section, and ensure all data is accurate and complete before submission.
What is the purpose of FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
The purpose of the report is to provide a standardized means for assessing the financial health and operational efficiency of long-term care facilities, facilitating regulatory oversight and financial analytics.
What information must be reported on FINANCIAL AND STATISTICAL REPORT FOR LONG-TERM CARE FACILITIES?
The report must include data on revenue, expenses, occupancy rates, staffing levels, and other statistics that reflect the operational performance of the facility.
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