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Florida Medicaid Provider Surety Bond
This Bond is also known as:
Florida Medicaid Bond
Florida DME Medicaid Bond
FL Healthcare Provider Medicaid Bond
Bond for FL Medicaid Providers
What is a Florida Medicaid Provider Bond?
A Florida Medicaid Provider Bond is a surety bond that is required to be posted by Medicaid providers operating in the state of Florida that are reimbursed on a fee for services basis or fee schedule basis that is not cost-based.
The surety bond amount is calculated as the total amount billed by the Medicaid provider to the Medicaid program during the current or most recent calendar year or $50,000, whichever is greater. The amount of the surety bond for new providers is determined by the Agency for Health Care Administration and is calculated based on the provider’s estimate of its first year’s billing. The Agency may require the new provider to post an additional surety bond if they end up billing the program more than the original bond amount equal to the amount of actual billing.
One bond is required for each provider location up to a maximum of five (5) bonds or an aggregate bond of $250,000 statewide per tax id. Providers operating multiple locations under the same corporate tax identification number may cover two or more locations under one surety bond. A letter must accompany the bond listing the name, address, and Medicaid provider number of all locations covered by the bond.
Surety bonds must be submitted by all of the following provider types unless they are owned and operated by government entities. The bond requirements listed in this section are not subject to any other exceptions or exemptions than those listed here:
Physician groups (provider types 25 and 26, with practice type 35, when more than 50 percent owned by non-physicians).
Exception: Physician groups that are owned by non-profit hospitals do not require a surety bond.
Transportation providers (provider types 41, 43, and 47 only) Exception: No bond is required when these provider types enroll with zero dollar ($0.00) rates.
Independent laboratories (provider type 50).
Durable Medical Equipment (DME) providers (provider type 90).
Exception: Pharmacy providers (provider type 20) who are actively enrolled in Medicaid may request a DME locator number without submitting a surety bond.
NOTE: Medicaid requires that DME providers maintain a surety bond for the life of their provider file renewing the bonds annually effective as of the date the original bond expires. Medicaid cannot accept the surety bond that the provider obtained for Home Medical Equipment (HME) licensure. However, HME licensure may accept the Medicaid bond form for the licensure bond requirement.
Home and Community Based Services (HCBS) Waiver providers (provider type 67, when owned or controlled by a DME or Home Health Agency that is not Medicaid enrolled).
Florida Medicaid Provider Surety Bonds are individually underwritten so the cost can vary and is dependent on the personal credit report of the applicant as well as experience. Applicants with good credit scores (generally 680 or higher) that have experience in the industry pay as low as 1% of the total bond amount. Of course, we will always provide you with the lowest rates available on the market. And can typically handle all credit types — from excellent to poor — as such those terms vary.
So, for example, a $50,000 bond could cost as low as $500 for applicants with good credit scores.
The Florida Medicaid Provider Surety Bond is in place to ensure the Principal (Medicaid provider) is compliant with the Medicaid provider agreement pursuant to Florida Statutes, Section 409.907. By posting the surety bond the Principal is guaranteeing it will pay the state any and all required fees it incurs.
The Florida Medicaid Provider Surety Bond is required to be posted by the Florida Agency for Health Care Administration in pursuant to Florida Statutes, Section 409.907. Therefore, the Obligee on the bond is the State of Florida, Agency for Health Care Administration (AHCA).
Florida Medicaid Provider Surety Bonds run continuously from the effective date and remain in full force for one year unless the bond is canceled or the Medicaid provider agreement expires. The surety bond may be canceled by the Obligee (AHCA) by giving 60 days written notice to the Surety. The Surety may also terminate the bond by giving 60 days written notice to the Obligee. A new bond will need to be posted each year based on the amount billed to the Medicaid program.
Contact The ProSure Group. As surety bond experts in business for over 23 years in Florida, The ProSure Group has issued numerous Medicaid Provider Bonds and has partnerships with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
Medicaid providers must enroll online using the Florida Medicaid Web Portal. The application and all supporting documents are submitted electronically. Once approved, providers are issued a 9-digit Medicaid provider number which will be required to obtain the surety bond.
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If you don't see the bond you're looking for give us a call at (800) 480-3883 and speak to one of our many Florida Medicaid Provider Surety Bond Experts!
