The Florida Agency of Health Care Administration requires medicaid providers to get the Florida Medicaid Provider Surety Bond.
A medicaid provider is any person or entity that wants to be paid for rendering medical, medical-related and waiver-related services to Medicaid recipients must complete this form. The Florida Health Care Administration requires medicaid providers to post the Florida Medicaid Provider Surety Bond in the amount of $50,000. The Florida Medicaid Provider Surety Bond has a one year bond term. It must remain active and valid in order for the Medicaid provider to lawfully operate business, so timely renewal is critical to maintaining your business.
The Florida Medicaid Provider Surety Bond is required if the ownership of the company is more than 50% owned by non-physicians or a for-profit hospital. This bond essentially helps ensure good business practices. It also ensures that the bond principal (the person or entity who buys the bond) with patients using medicaid pay the state any and all fees it requires. The bond principal for the Florida Medicaid Provider Surety Bond can be a company, healthcare provider or agency; really, anyone that wants to provide healthcare coverage to those using Medicaid.