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Medicaid Bond Information
To keep in compliance with state and federal law, most health care professionals will be required to lodge a bond agreement before being licensed to use systems such as Medicare and Medicaid.
A bond is a legal contract that outlines all state laws and local regulations that you need to follow in order to keep your business running legitimately. The bond may even have some added clauses that you will need to adhere to in order to prevent consumers or agencies from making a claim against your bond.
The Medicare and Medicaid bond policy that you purchase is in no way to protect your business, but instead exists to protect the consumer and the system, should you be found to be guilty of any kind of fraud, whether it is claiming Medicare or Medicaid funding or defrauding a patient.
he provider of your bond, called the surety, will step in when any claims like this are made. They will investigate the claim for validity and provide you advice about your next move. Your surety is able to pay out any settlements required in the immediate, but will claim reimbursement from your business for any costs that it covers.
Before you choose a bond policy you should research some of the claims that have been validated and legal action taken so that you have a good understanding of what your bond can and cannot do for you. As an example, fraud is a crime, so while your bond may cover financial aspects of your illegal acts, the bond cannot keep you out of legal responsibility