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This document serves as a financial and statistical reporting form for long-term care facilities in Illinois, with specific data regarding facility operations, financial performance, and statistical

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 data from the facility's accounting system.
2. Prepare a list of all revenue sources, including patient payments, insurance reimbursements, and government funding.
3. Compile a comprehensive list of expenses, categorizing them into fixed costs (like salaries and utilities) and variable costs (like medical supplies and food).
4. Fill out the revenue section of the report by entering total income for each revenue source.
5. Fill out the expense section by entering total costs for each category.
6. Calculate the net income by subtracting total expenses from total revenue.
7. Include statistical data such as patient demographics, staff-to-patient ratios, and occupancy rates.
8. Review all entered data for accuracy and compliance with reporting standards.
9. Submit the completed report to the appropriate regulatory agency by the specified 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. Health care regulators and oversight agencies use the report to track facility performance and financial health.
3. Administrators and management of long-term care facilities utilize the report for financial planning and improvement strategies.
4. Stakeholders, including investors and board members, need the report to assess the viability and effectiveness of the facility.

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 comprehensive document that records the financial and operational statistics of long-term care facilities, including nursing homes and assisted living centers. It provides insights into the financial health, management practices, and service delivery of these facilities.

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

All licensed long-term care facilities, including nursing homes and other similar establishments, are required to file the Financial and Statistical Report. This obligation generally applies to entities receiving state or federal funding.

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

To fill out the Financial and Statistical Report, facilities should gather relevant financial data, operational statistics, and resident information. They must carefully complete each section of the report, ensuring accuracy and compliance with reporting standards, and submit it to the respective state or federal authority by the deadline.

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 regulatory bodies with a clear and standardized overview of the financial and operational performance of long-term care facilities. This helps in ensuring accountability, transparency, and quality in service delivery.

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

The report must include detailed financial information, such as revenues, expenses, and funding sources, as well as statistical data on the facility's operations, including occupancy rates, staff-to-resident ratios, and patient demographics.