Long-term care facilities in Mississippi who elect to accept and manage funds of some or all of its residents are required to submit a surety bond to the Mississippi Department of Health (DOH). The amount for this bond varies and is based on the total dollar amount of patient funds deposited with the facility. Mississippi Patient Trust Surety Bonds ensure the principal (care facility) protects and manages resident funds ethically and complies with all applicable state and federal regulations. These regulations include, but are not limited to the following:
- The facility shall deposit any residents’ personal funds in excess of $50 in an interest-bearing account that is separate from any of the facility’s operating accounts. In pooled accounts, there must be a separate accounting for each resident’s share.
- The facility shall establish and maintain a system that ensures a full and complete and separate accounting of each resident’s personal funds.
- The facility must provide each resident, responsible party, legal representative of each resident, reasonable access to the resident’s financial records. In addition, the facility must provide a written statement, at least quarterly.
If the facility fails to fulfill the bond’s terms, a claim can be filed against the bond by the harmed party. If the claim is validated, the surety will reimburse the harmed party up to the penal sum of the bond to resolve the claim. The principal is then required to reimburse the surety for all amounts paid out, including any attorney fees.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.