Texas Medicaid Surety Bond Form

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What Is The Purpose Of The Texas Medicaid Provider Bond

Texas requires certain Medicaid and CHIP providers to purchase a surety bond as part of the application process to enroll with the HHSC. The bond ensures that the HHSC will receive compensation for financial harm if the provider fails to abide by the regulations set forth in Texas statute 352.15. Specifically, the bond guarantees that the HHSC will be compensated if the provider does not refund overpayments and overpayments that have been received. In short, the bond is a type of insurance that protects the HHSC if the provider collects more in reimbursements than they actually earned.

Texas Medicaid Provider Bond Form

What Is A Medicaid Provider Bond

A Florida Medicaid provider surety bond is required for health care providers that accept Medicaid, such as physician groups, home health agencies, and ambulance services. The bond contract is written to ensure that Medicaid providers pay required fees to the state.

The principal, or policyholder, for this bond type is a Medicaid provider as defined in FS409.901.

Please note: This bond is specifically for Florida Medicaid providers. Suppliers of durable medical equipment, prosthetics, orthotics and supplies will need a DMEPOS bond.

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The Free Bond Of Form On

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Can I Get A Texas Medicaid Bond With Bad Credit

Health providers with problematic finances can still get bonded. Lance Surety Bonds operates its program to allow applicants with low credit scores, tax liens, bankruptcies, or civil judgements obtain the Medicaid bond they need.

If your finances are not stellar, the bonding rates are typically in the range of 4%-7.5%. The higher bond cost compensates for the risk level of bad credit bonding. Since we work with numerous A-rated, T-listed surety companies, we can still get you a top bonding price. We can shop around and select the best match for your particular circumstances.

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How Can I Qualify For A Medicaid Provider Bond

In order to get a surety bond for your health care business, you must first apply for a policy. This allows the surety company to evaluate your credit rating and provide a quote for your annual premium cost.

It’s quick and easy to apply for a Medicaid provider bond with NNA Surety Bonds. Simply fill out our online form, or speak with one of our bond specialists at .

How Does A Dmepos Bond Work

Just as with any type of surety bond, there are three essential parties to a DMEPOS bond. They are:

• The Principal This is the DMEPOS supplier who requires bonding.
• The Obligee This is the Center for Medicare and Medicaid Services or a state Medicaid agency.
• The Surety This is the surety agency that underwrites the DMEPOS bond.

Through this Medicare bond, the Surety provides a financial guarantee that the Principal will bill the Obligee fairly and not engage in fraud. If a disputed claim occurs, Medicare or Medicaid can make a claim on the DMEPOS Bond. At that point, the Surety makes the required payment, up to the bond amount, to settle the claim. The Surety, in turn, will attempt to collect the paid amount from the DMEPOS supplier. The supplier, as the bond Principal, is ultimately financially responsible for any amount paid out on a claim by the Surety.

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How Do Texas Medicaid Providers File Their Bonds

Medicaid providers should submit their completed bond form, including the power of attorney, electronically here. The surety bond requires signatures from both the surety company that issues the bond and from the Medicaid provider. The surety company should include the following information on the bond form:

• Legal name and address of entity/individual buying the bond
• Surety companys name and address
• Date the bond goes into effect
• Date the bond is signed

What Other Insurance Products Can Agents Offer Medicaid Providers In Texas

Texas does not require Medicaid providers to obtain any form of liability insurance as a prerequisite to enrolling with the HHSC. However, certain providers may need to obtain this insurance before obtaining a business license. Bonds are our only business at BondExchange, so we do not issue any other types of insurance, but our agents often utilize brokers for this specific line of business. A list of brokers in this space can be found here.

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How Much Does A Dmepos Bond Cost

The cost of a DMEPOS bond is an annual premium that is a small fraction of the bond’s value. An applicant with sterling credit will typically pay 1 – 3% of the bond amount, or $500 – $1,000. The poorer the credit rating, the higher the rate that will be charged for DMEPOS Bonds. The best way to get a truly accurate quote for a DMEPOS Bond is to apply for the bond and let the underwriter review your request and put a quote together.

Viking Bond Service, Inc. will always attempt to get the best rate for any surety bond request. We offer a bad credit surety bond program that helps those with troubled credit to obtain an affordable DMEPOS bond. In instances where the rate is high to start due to challenged credit, our renewal department can remarket the bond if there has been an improvement in credit and/or financial standing.

What Is A Dmepos Bond

A Durable Medical Equipment, Prosthetics, Orthotics, and Supplies Bond, also known as a DMEPOS bond or a Medicare surety bond, is a surety bond required of most suppliers of durable medical equipment . The bond requirement is in place to protect Medicare and Medicaid. The Medicare bond guarantees that all claims submitted by the bonded party to Medicare will be legitimate. The DMEPOS bond makes the surety liable for any unpaid claims, an unpaid claim being an overpayment from Medicare/Medicaid to the DMEPOS supplier. Essentially, the underwriting surety company guarantees the CMS that any fraudulent claims to Medicare by the bonded party will be rectified, up to the bond penalty amount.

The CMS rule requires that durable medical equipment DME suppliers must be bonded and must maintain the bond on a continuing basis. The minimum DMEPOS bond amount is $50,000. However, the bond amount may be higher for DME suppliers with more than one National Provider Identifier .

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How Much Does A Texas Medicaid Provider Bond Cost

The price paid for this surety bond depends on a credit report. Well qualified applicants with strong financial credentials could qualify to pay as low as 1% of the required bond amount. If you are ready to find out how much a Texas Medicaid Provider Bond costs then fill out our free quote form now!

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Bond Application Fee Schedules They Relate To Medicaid State Provider Of Texas Surety Bond Form

Responsible for healthcare of physicians except where appropriate, of state texas medicaid provider surety bond form on. The HMO has overall responsibility for the timely and successful completion of each of the Transition Phase tasks. When this occurs an administrator is appointed to handle the proceedings of the state. Business Days of the existence of a force majeure event or otherwise waive this right as a defense. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. The rules require a service area and medicaid provider is in performing providers.

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What Are The Insurance Requirements For Medicaid Providers In Texas

Texas does not require Medicaid providers to obtain any form of liability insurance as a prerequisite to enrolling with the HHSC. However, certain providers may need to obtain this insurance before obtaining a business license. Providers must purchase a $50,000 surety bond if:

• The individual provider or the broader provider type has been identified by federal or state agencies as having a significant history of, or potential for, fraud, waste, or abuse
• The HHSC has determined the provider must be bonded based on their conduct

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Which Type Of Texas Medicaid Provider Applicant Are You

• A new applicant
• An applicant who is requesting a new practice location
• A currently enrolled applicant who is revalidating her enrollment

You might need this bond if you categorized yourself under any one of the three choices! Read on to see the specifics.

• The parties of the bond shall be:

Principal The Medicaid Provider

Obligee HHSC

Surety Surety bond company who will issue the bond

• The date on which the bond will become effective should be included, as well as the expiration date of the surety bond.
• The scope of the bonds liability should be stated.
• The bond will be terminated upon a 30-day cancellation notice or if the Medicaid Provider secures a new bond.
• If the Medicaid Provider has been requested to obtain this bond but fails to comply, the HHSC will not reimburse the services provided or items disbursed during the period of noncompliance.
• The bond amount should not be less than $50,000.

The bond premium that you have to pay will depend on various factors. If you want to find out whats yours now, ask us for a FREE quote!

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How Much Does An Texas Medicaid Bond Cost

The cost to get your Texas Medicaid surety bond is a small percentage of the full amount of the $50,000 Texas Medicaid bond. The cost of your bond is determined by the surety bond company which issues the bond, and can be as little as $370.

The exact premium you will need to pay to obtain your bond is determined by the surety upon reviewing your application. When determining your rate, the surety takes into account things like your personal credit score, your financial statements, your personal assets and liquidity, and more. Among those, your personal credit score is most important.

Applicants with high credit scores above 700 FICO can expect to get a quote on their bond that ranges between 1-3% of the whole bond amount. See the table below for an overview of how much your bond may cost depending on credit score.

Why Choose The Prosure Group

Whether you are looking for a Texas Medicaid Provider Bond or any other type of surety bond in Texas, The ProSure Group helps you find the right surety bond quicker & easier. Our goal is to provide you with simple and efficient service so you can focus on your business while we make sure your suppliers are dependable.

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How Can An Insurance Agent Obtain A Texas Medicaid Provider Surety Bond

BondExchange makes obtaining a Texas Medicaid Provider bond easy. Simply log in to your account and use our keyword search to find the Medicaid bond in our database. Dont have a login? Enroll now and let us help you satisfy your customers needs. Our friendly underwriting staff is available by phone at , email, or chat from 7:30 AM to 7:00 PM EST to assist you.

At BondExchange, , leading technology, and access to markets ensures that we have the knowledge and resources to provide your clients with fast and friendly service whether obtaining quotes or issuing bonds.

How To Become A Medicaid Provider In Texas

Before the Texas Health and Human Services Commission allows Medicaid providers to enroll in the program, the following requirements must be completed:

• Adherence to requirements established by TAC §352.5
• Submit complete enrollment application and supplemental application form
• Pay application fees for each practice location
• Provide proof of registration and good standing with Texas Comptroller of Public Accounts
• Submit surety bond
• Certify all application information is accurate
• Sign provider agreement with each enrollment application

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How To Get A Texas Medicaid Provider License

To enroll as a Texas Medicaid provider, applicants will need to complete a number of different forms depending on whether they enroll as individuals or as a group, as well as whether they are incorporated in Texas or are an out-of-state provider. When enrolling as a provider, applicants may expect to be asked to:

• Complete Pre-Application Orientation
• Submit one or a number of application forms
• Pass a criminal background check
• Obtain a $50,000 Texas Medicaid bond
• Pay a licensing fee

Detailed information about the enrollment process can be received from the website of the Texas Medicaid & Healthcare Partnership as well as from the HHSC. Make sure to contact either one of them to find out more about the enrollment requirements.

If you want to know more about the bonding requirements, call us at . Our surety professionals will provide you with all the information regarding the bond, the bonding process, and anything else you need to know.

Who Is Required To Purchase The Bond

Texas statute 352.15 requires applicants for enrollment as a provider in the states Medicaid/CHIP programs to purchase a surety bond if:

• The individual provider or the broader provider type has been identified by federal or state agencies as having a significant history of, or potential for, fraud, waste, or abuse
• The HHSC has determined the provider must be bonded based on their conduct

To paraphrase Texas statute 352.3, a provider is an individual or business entity that performs health care services to individuals that are covered under the states Medicaid and/or CHIP program and receive reimbursements from the HHSC for providing these services.

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How Do I Obtain This Bond

• Ask for the assistance of an established surety bond company such as Surety Bond Authority.
• Apply for a Medicaid Provider bond.
• An underwriter will do a thorough look at your financial statements, job performance history, and credit score.
• Sign an indemnity agreement.
• Pay the surety bond cost.
• Receive your bond.