Florida Medicaid Provider Bond
What is a Medicaid provider bond?
A Florida Medicaid provider surety bond is required for healthcare 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 the 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 (DMEPOS) will need a DMEPOS bond.
Why do I need a Medicaid provider surety bond in Florida?
The state of Florida requires you to post a Medicaid provider bond in order to do business if your company, agency, or medical group accepts Medicaid payment.
How much does a Florida Medicaid provider bond cost?
The Florida Medicaid provider bond coverage amount is $50,000, but the yearly premium is a small fraction of that. Our standard premium for this policy is $1,000 (or 2% of the bond's full coverage amount).
Your premium cost can rise to 10% or more if your personal credit score is low. Other factors that affect premium rates when we review your application are your business finances and professional experience.
How can I qualify for a Medicaid provider bond?
In order to get a surety bond for your healthcare 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 855-575-1063.
How to become a Medicaid provider in Florida
The first step in enrolling your healthcare organization as a Medicaid provider is to visit the Florida Medicaid web portal, where you will find important provider enrollment information. If you prefer to speak with someone for guidance, call Florida's Agency for Health Care Administration to start the process.
- As part of the enrollment process, you'll likely be asked to provide a copy of your professional license along with other documents specific to your healthcare specialty.
- Then you'll submit your completed Medicaid provider form to the agency that corresponds to your practice.
- After enrollment is complete, you will be issued a nine-digit Medicaid provider number, which is required to participate in Florida's Medicaid program. You'll need this number when applying for your surety bond.