Michigan Nursing Home Administrator (NHA) Practice Exam

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Within how many days must funds in excess of $200 from a patient be deposited in an interest-bearing account?

10 days
15 days
30 days
60 days

The correct answer is: 15 days

Funds in excess of $200 from a patient must be deposited into an interest-bearing account within 15 days. This requirement is established to protect patients' funds and ensure that any money above the specified threshold is managed responsibly and transparently. By requiring a timely deposit, regulations help to safeguard the financial interests of residents, allowing them to earn interest on their funds while also mitigating the risk of mismanagement or loss. The time frame of 15 days strikes a balance between allowing sufficient time for administrative processing and ensuring that patients' resources are not left in limbo for an extended period. Proper timeline management also fosters trust between the nursing home administration and its residents, promoting an environment of accountability.