Florida Nursing Home Patient Trust Surety Bonds
The State of Florida Agency for Health Care Administration (AHCA) has the duty to regulate health quality assurance for organizations that offer services such as adult day care centers, hospitals, residential treatment centers and nursing homes. Florida Statutes Chapters 408 Part II and 400 Part II and Chapters 59A-35 and 59A-4 of the Florida Administrative provides details for the nursing home licensing and patient trust surety bond requirements.
Surety Bond and Application Requirements:
- A surety bond in the amount equal to twice the average monthly balance in the patient trust fund during the prior year or $5,000, whichever is greater is required for licensure.
- Payment of the biennial license fee of $112.50 per number of beds payable to ACHA. Exception: for facilities with sheltered beds fee is $100.50 per bed.
- Payment of the Health Care Facility Fee Assessment Biennial fee also made payable to ACHA.
- Complete the health care licensing application addendum which must include:
- Proof of compliance with the Patient Trust Surety Bond Requirements.
- Proof of compliance with Medicaid Lease Bond Requirements.
- Proof of liability coverage –general and professional.
- Pass a background screening.
- Provide evidence of sufficient funds to operate the facility.
- Local zoning approval certification.
- Facility plan for quality assurance and methods of conducting risk management.
- Copies of any judgments or verdicts within the past 10 years related to violation of residents rights, medical negligence or wrongful death.
How Much Will This Bond Cost?
The premium that you pay for a Florida Patient Trust Surety Bond is dependent on credit and bond amount required. Rates start as low as $100 or 1% for bond amounts over $10,000.
Related Links:Florida Nursing Home Patient Funds Statutes
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application