Ohio nursing facilities are regulated by the state on behalf of the person who is under the care of a licensed agency.
The surety bond is required by the Ohio Administrative Code, 5160-3-16.5.
AmeriPro Surety Bonds explains the amount of the purpose and amount of the patient trust fund bond.
The Ohio patient trust fund bond is a financial guarantee that money entrusted to a nursing facility will be managed properly and according to legal statutes and the best interests of patients.
The bond’s requirement protects against acts of fraud, theft, embezzlement, willful and non-willful mismanagement and misappropriation of funds; anything, in fact, which becomes a source of unwarranted financial harm to your patients.
The existence of the bond is exclusively for the benefit of your patients and it guarantees that they may recoup any losses in full.
One thing, however, that your patient trust fund bond is not is an insurance policy. No; it’s a surety.
And because it’s a surety, any claims paid from the bond become the liability of the principal (in surety lingo, the bond’s purchaser and owner) to reimburse in full to the surety. This includes all costs and fees involved in the resolution of any claim.
According to Ohio state law, you are required to purchase an Ohio patient trust fund bond that is:
The equivalent of the amount of money provided to the nursing facility provider. This amount also includes both earned interest and refundable deposit fees.
One surety bond may be purchased to cover the amounts of all patients and all deposits of a nursing facility.
Therefore, the amount required to be purchased will all depend on the dollar value of deposits and the criteria mentioned above.
Ohio Patient Trust Fund Bond: Its Cost and Duration
The Ohio patient fund trust bond may cost as low as 1% of the bond’s face amount; however, the amount you may be required to pay for its issuance will be determined by an application, and depending on the bond’s size, a credit check.
While the 1% amount is certainly possible, it may not be applicable in any given case.
AmeriPro Surety Bonds will work to find you the best surety bond pricing.
The bond is active for one year from its issuance date. An accurate, active surety bond must be maintained by an Ohio nursing facility to remain in compliance with state law.
About Our Surety Agency
AmeriPro Surety Bonds is a surety bonds-only agency. We provide contractor, court, license and permit, and fiduciary bonds throughout Ohio.
Your surety bond is our only focus.
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