Functioning Of The Express Scripts Performance Bonds
Express scripts are the biggest pharmacy manager in the USA. They offer doorstep delivery of prescription drugs among other services for pharmacies, insurance companies and people. It is the dream of every other independent pharmacy in the USA to be a partner of express scripts. This is one of the best moves to expand your business of pharmacy express scripts pharmacy performance surety bonds.
But one of the challenges in procuring
a partnership with express scripts is the requirement of express scripts pharmacy performance surety bonds. If you are looking for a place to get such a performance bond of getting a bond is the main difficulty for you, then you must reach out to the leader of the market when it comes to bonds i.e., Swift bonds.
They have been competing in the market for many years. with their years of experience and dedicated hard work, they have built a strong network of connections. This strong network of connections ensures that you get the best deal possible for your bonds. They assure their customers that they get the bonds at the best price possible.
They even allow the clients to do a double check by calling an insurance broker. At swift bonds, they have developed a very fast process of delivering the bonds to you. They offer the best service to their clients with the help of a rigorous and dedicated customer service team that is driven to satisfy their clients.
How Do Express Scripts Performance Bonds Work
Express scripts require a bond of $500,000 from those pharmacies that want to partner with them. now, many may wonder what is the requirement of such a bond. Well, this is a risk-mitigating scheme that has been adopted by the company. This ensures that due to the non-compliance of their partner, the express scripts do not end up being at the receiving end.
However, normally, it is not easy to procure such a bond. This becomes difficult especially for those who have had a bad credit score in the past or they have had filed for bankruptcy in their past. Other factors which act against their luck are civil judgements or poor financial background. The proportion of total bond to be paid by the pharmacy too is different.
Depending on various factors, the pharmacy may be required to pay for anywhere between 1 and 10 percent of the total bond amount.
Who are the parties to the bond
Each bond has three parties. the bond is a tri-partite agreement. Here, the three parties are the surety, the principal and they oblige.
The principal – the pharmacy which wants to partner with the express scripts and executes a bond thereto is called the principal.
The oblige- in this case, express scripts will be the oblige. They will require a bond to enter into a partnership with the principal.
The surety- the surety company is the one that provides for the bonds and pays for the claim of the bonds when the need arises.
Conclusion
If you want to expand your pharmacy business, then the best option is to partner with express scripts.
Author: Siddhi Chothani
