Pharmacies entering into a contract with Express Scripts now need to post a $500,000 surety bond. Express Scripts is a pharmacy benefits management company providing services like home prescription delivery, claims processing, and other pharmacy services.
Express Scripts is requiring pharmacies to obtain a performance bond, a type of surety bond that guarantees that the principal (the pharmacy) will uphold the terms of their contract.�The surety bond is required of pharmacies for the first two years of their contract, though Express Scripts might sometimes require bond coverage for a longer period of time.�Pharmacies entering into contracts with Express Scripts should ensure that they are familiar with the terms of their contract to avoid having claims made on their bond.
Ready to apply for a surety bond or have more questions about this new bond? Get in touch with Single Source Insurance today.