The Florida Agency for Health Care Administration and Chapter 409.907 of the state’s Statutes, require that licensed Medicaid providers obtain a surety bond no greater than $50,000.
AmeriPro Surety Bonds offers the medicaid provider surety bond for both new and renewal applicants.
The purpose of the Florida medicaid provider bond is to protect the Health Care Administration and any customers of the medicaid provider from acts of fraud, theft, willful and/or criminal misconduct in the performance of their duties as medicaid medical providers.
The protection for customers and the health care administration, the latter of which is also the obligee, extends also to employees, owners, managers, and operators of the business who violate any laws or regulations, which in turn, causes harm to customers or the Administration.
It is important to note that the surety bond does not the medicaid provider at all.
It is, rather, a financial guarantee whose sole purpose and benefit are for the protection of others, besides also being a condition for licensing by the Administration.
Applicants for the Florida medicaid bond will pay a small percentage of the bond’s $50,000 face amount.
The premium amount required to be paid will be determined by a credit score and may range in the very low percentages.
The application for this medicaid bond can be completed right over the phone with our agency. Depending on the situation and the time the application is taken, a decision on the bond’s premium can be made within a few hours.
It should, however, not be any longer than 2 business days.
We will also work to find the best premium (meaning, lowest) premium that meets your circumstances.
Applicants also ought to be aware that the medicaid provider bond is an entirely separate surety bond to another surety bond which may be required as a liability of underpayment or over payments of medicaid claims. This latter surety bonds is according to Statute 400.179.
AmeriPro Surety Bonds offers both surety bond types.
This mediciaid provider bond’s duration is for a period of one year and, if required by the Administration, renewed.
You will want to check with the Administration before renewal to determine whether or not you must maintain this surety bond.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Florida.
Our agency also provides surety bonds nationwide.