Express Scripts is the largest independent manager of pharmacy benefits in America. If you run an independent pharmacy in the USA and you want to partner with Express Scripts, then you will be required to obtain a surety bond. This surety bond is essential for signing and executing a provider agreement with the express scripts.
The whole intent of express scripts behind bringing surety bonds in the picture is to seek a guarantee that you will abide by the contractual obligations which are set between the parties viz. you and the express scripts. This is a form of risk mitigation scheme, here, the surety bonds represent the existence of a contract among three parties.
In the bond, your business is the principal, the bond provider is the surety and the express scripts are the oblige. Because of the express scripts surety bond requirement, you may be looking for a bond. At swift bonds, you can get the best bonds at the right price. They have experts who know how to get fast and easy approvals.
They ensure that all of their bonds are approved at the least possible expense. With their years of expertise and experience, they know all the tricks which are exercised by the big and the small players in the field. They incorporate the best tactics to get you the right deal at the right price.
Working of an Express Scripts Performance Surety Bond
An express script surety bond has three parties i.e.:
1- The oblige- This is the party that is the organizer and which demands the bond. In the instant case, the express scripts are the oblige.
2- The principal- This is the party that purchases the bond and in the instant case, it is the pharmacy that wants to partner with Express Scripts.
3- The surety- The surety is the company or the organization which purchases the bond.
Who needs an Express Scripts performance surety bond
All the qualified applicants who enter or wish to enter into a contract with Express Scripts are required to execute a performance surety bond worth $500,000. The total cost of the bond that will be paid by the pharmacy is a specific percentage of the total bond worth. This percentage can range in anywhere between 1 and 10 percent.
The percentage will be dependent on the personal credit history and the financial background of the person who applies for the bond. All the pharmacies that post the bond must have an active bond for two or more years. getting a bond becomes very difficult when you have bad finances.
Tax liens, low credit scores, bankruptcies and civil judgements, all of these are impediments to you procuring a surety bond in your favour. However, some companies give the bond despite your bad history.
Conclusion
Getting a bond is very important to get the partnership with express scripts. This will be good for your business. if you do not get it now, you will regret it later.
Thank you.!
