{"id":410,"date":"2020-09-06T11:53:16","date_gmt":"2020-09-06T11:53:16","guid":{"rendered":"https:\/\/www.suretegrity.com\/blog\/?p=410"},"modified":"2020-12-09T22:55:26","modified_gmt":"2020-12-09T22:55:26","slug":"top-reasons-for-procuring-a-medicare-medicaid-bond","status":"publish","type":"post","link":"https:\/\/www.suretegrity.com\/blog\/top-reasons-for-procuring-a-medicare-medicaid-bond\/","title":{"rendered":"Top Reasons for Procuring a Medicare &#038; Medicaid Bond"},"content":{"rendered":"<p>If there is one sector that has the maximum risk due to COVID-19, it is the healthcare. There is a risk in just about everything and for everyone who works in this sector. That includes people who are at the forefront and deliver critical medical services but also vendors and suppliers of prosthetics, orthotics, and other supplies. So, procurement of assurance documents like Medicare &amp; Medicaid Bonds becomes all the more important for everyone.<\/p>\n<p>What Are These Bonds<br \/>\nA <a href=\"https:\/\/www.suretegrity.com\/bond-type\/Medicare-Medicaid\">Medicare &amp; Medicaid Bond<\/a> is a type of security bond that medical equipment suppliers have to furnish before receiving supply contracts. These bonds:<br \/>\n\u2022 Ensure that the Medicare enrollment process is verified and the equipment supplier is legitimate<br \/>\n\u2022 Minimize the potential risk of any kind of fraud<br \/>\n\u2022 Bind the legal supplier to deliver the right products to the beneficiaries<br \/>\n\u2022 Provide assured compensation for any inappropriate billing practice<br \/>\n\u2022 Ensure that the supplier understands the risk and does his work diligently<\/p>\n<p>How Do These Bonds Work?<br \/>\nIn an event when a supplier delivers a faulty product or overcharges for a product, either intentionally or by mistake, the other party can file for compensation. If the bond was issued, it will safeguard the interests of the other party and compensate them for their losses. The surety company will then recover these losses from the supplier.<\/p>\n<p>Final Cost of These Bonds<br \/>\nThe final value of one such bond can be based upon the supplier\u2019s credit score, his performance record, and the applicable state laws. The final value is a percentage of the overall bond value. To minimize any risk, these bonds also need to be renewed every year.<br \/>\nMost commonly, it is the hospitals, dentists, and pharmacists who require these bonds from their suppliers. Others may need them too, but since these professionals constantly need to keep their inventory moving, the need for a surety bond becomes critical to safeguard their financial interests.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If there is one sector that has the maximum risk due to COVID-19, it is the healthcare. There is a risk in just about everything and for everyone who works in this sector. That includes people who are at the forefront and deliver critical medical services but also vendors and suppliers of prosthetics, orthotics, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-410","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top Reasons for Procuring a Medicare &amp; Medicaid Bond - Suretegrity<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.suretegrity.com\/blog\/top-reasons-for-procuring-a-medicare-medicaid-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top Reasons for Procuring a Medicare &amp; Medicaid Bond - Suretegrity\" \/>\n<meta property=\"og:description\" content=\"If there is one sector that has the maximum risk due to COVID-19, it is the healthcare. 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