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Texas Medicaid Providers
Medicaid provider in Texas are regulated by the Texas Health and Human Services Commission.
The Department is also the obligee, that is, they are the entity who legally requires a Texas medicaid provider to obtain the medicaid bond as a prerequisite for licensing in the state.
Texas Medicaid Bond: Statute and Purpose
That medicaid providers are required to obtain a medicaid bond is also required by statute.
Title 1, Part 15, Chapter 32 and Rule §352.15 requires medicaid providers to obtain at least one $50,000 Texas medicaid bond.
According to the same statute, the bond is required to cover and recover uncollected over payments for a Texas medicaid provider, regardless of when the over payment occurred and when it is discovered.
The bond also serves as a financial protection for the obligee against any acts of fraud, theft, or other activity with criminal intent committed by a Texas medicaid provider in the course of their medical duties.
Texas Medicaid Bond: Duration
This surety bond once issued, is active for one year and must be renewed on an annual basis.
Even after the bond’s expiration, from two years thereafter, the bond can still be filed against should an over payment be discovered.
Unlike an insurance policy, any payments made on a surety bond must be repaid in full by the principal (the purchaser of the surety bond).
Texas Medicaid Bond: Premium Amount
The $50,000 Texas surety bond is the minimum bond amount required.
Texas medicaid providers will need to provide a surety bond for each location.
Each separate location has a Texas medicaid bond required in the amount of $50,000.00
The cost (or premium) of this surety bond will depend on the following factors:
- The total dollar amount of surety bond required (each in increments of $50,000);
- The applicant’s credit score.
- A $50,000 Texas Medicaid bond for someone with good credit may cost as little as $750 a year;
- The same person may pay as little as $1,500 annually for a $100,000 Texas medicaid bond.
Applicants, however, will pay a premium related to their own credit score.
Regardless of one’s credit history, AmeriPro Surety Bonds is committed to working to provide the best surety bond pricing for you.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bonds agency company providing license and permit, contractor, fiduciary, and court bonds throughout Texas and nationwide.