What is a California Verification to Patient Trust Fund Bond?
The California Verification to Patient Trust Fund Bond is required by the California Department of Health Services.
California Health and Safety Code requires that licensed health facilities that handle money in excess of $25 per patient or over $500 for all patients in any month, be bonded for not less than $1,000. They must get the California Verification to Patient Trust Fund Bond in order to get and maintain a license to do business.
If the licensee handles or will handle any money of patients within the health facility, that the applicant for the license or the renewal of the license file or have on file with the state department a bond executed by an admitted surety insurer in a sum to be fixed by the state department based upon the magnitude of the operations of the applicant.
The sum of the California Verification to Patient Trust Fund Bond should not be less than one thousand dollars. It should be payable to the State of California and the people of the State of California. The bond should be conditioned upon the licensee’s faithful and honest handling of the money of patients within the health facility.
Every person injured as a result of any improper or unlawful handling of the money of a patient of a health facility may place a claim on the bond. If a licensee fails to have the California Verification to Patient Trust Fund Bond on file with the State of California, this can will cause their license to be revoked. This bond, in short helps protect patient’s monetary interests by ensuring that their money is not taken from them.
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