Medical Billing Forum

Starting a Medical Billing Business => Starting Your Own Medical Billing Business => : thelakeshow2k January 24, 2011, 01:45:38 AM

: New client requires biller to have surety bond.
: thelakeshow2k January 24, 2011, 01:45:38 AM

is anyone bonded or know about it (for a medical biller)?  if you are bonded, what does your bond cover and what dollar amount of bond do you have?  thanks.

: Re: New client requires biller to have surety bond.
: PMRNC January 24, 2011, 12:04:54 PM

I may be off here, and in a previous post on this.. but it's possible he could be wanting a contract surety bond which basically holds you responsible.. I would take great caution with this and seek advice from your attorney (preferably the one who helped with your contract)

Here is what I found:

Three types of surety bonds:

    * The bid bond assures that the bid is submitted in good faith and that the contractor will enter into the contract at the price bid and provide the required performance and payment bonds.
    * The performance bond protects the owner from financial loss should the contractor fail to perform the contract in accordance with its terms and conditions.
    * The payment bond assures that the contractor will pay specified subcontractors, laborers, and materials suppliers associated with the project.

Here's a link that is pretty straightforward:

http://www.sio.org/html/Obtain.html

: Re: New client requires biller to have surety bond.
: Alice Scott January 25, 2011, 08:09:41 AM

Thank goodness for Linda's legal background!

: Re: New client requires biller to have surety bond.
: PMRNC January 26, 2011, 11:02:28 PM

 ;)