What is a Florida Medicaid Provider Bond?
Know the how-to of this surety bond for Medicaid providers today!
Every individual or business entity that will be enrolling in the Medicaid Program and will enter the provider agreement must submit a surety bond with a sufficient amount. This type of surety bond will be required of existing Medicaid providers as well.
The surety bond will serve as a protection tool for the Medicaid program, as well as the Medicaid recipients.
Through this surety bond, the Agency for Health Care Administration of the State of Florida will be guaranteed that the bonded Medicaid provider will perform the necessary services and supply goods in accordance with the professional regulations and the Medicaid Program.
Non-compliance with the relevant rules and state laws that have resulted in damages will be a clear ground for a bond claim.
In this case, the Obligee of the surety bond will recover the amount necessary to compensate the designated beneficiary.
This requirement is in pursuance of Section 409.907 of the Florida Statutes.
What is the Medicaid Provider Bond amount?
New Medicaid Providers – the bond amount will be based on the provider’s estimated 1st year billing as determined by the Agency for Health Care Administration of the State of Florida
Existing Medicaid Providers – $ 50,000, or the total amount billed by the provider to the Medicaid Program during the most recent calendar year, whichever is greater
If you have determined your exact bond amount, you may get your FREE SURETY BOND QUOTE HERE to know your bond premium!
Pay as little as 1% of the bond amount! Find out now!
How can I get a Medicaid Provider Bond?
To secure this type of bond, you must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Florida
- The Medicaid provider is obligated to follow the provisions of Section 409.907 of the Florida Statutes, as well as the rules and regulations of the Agency for Health Care Administration of the State of Florida
- If a violation is committed, the Obligee will be eligible to file a bond claim
Ready to apply? START HERE!