Healthcare professional bonds are required in the state of Florida and select other areas. Generally, these bonds are taken out by the health care provider to ensure consumers and state regulators that monies handled by these professionals on behalf of insurance companies and the government are handled properly. The sureties writing these bonds step in when the bonded healthcare provider is accused of committing fraud or theft. The surety invesitgates the claim and may even pay the third party claimant up to the surety bond limit if the claim is warranted. It is not unusual for the surety bonding company to require that the healthcare provider be prosecuted before the surety company pays the third party.
BOND AVAILABILITY
Most companies that specialize in underwriting surety bonds will issue health care professional bonds. The surety bond underwriter will likely require a copy of the surety bond required and the following from the health care provider before issuing a bond:
- completed surety bond application
- evidence of good financial and ethical standing
- credit check
- current financial statement
Health care providers that have had
SUMMARY
Health care professional bonds offer another layer of protection to ensure that money entrusted to them is handled properly and ethically. We believe that bonds such as health care professional bonds provide a minimum foundation of care and are essential for consumers and others that rely on those funds. Like other types of commercial surety bonds, healthcare professional bonds level the playing field and give consumers the confidence of a minimum level of protection from the health care providers they rely upon. In this way, healthcare professional bonds are an essential part of the healthcare profession today in those states where they are required.
