Tennessee Long Term Care Facilities that handle patient funds are required under the Tennessee Codes Annotated section 68-11-906 to file a Tennessee Long Term Care Facilities Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Tennessee Nursing Home (Long Term Care Facilities Residents Fund) Bond holds you accountable for your business decisions.
By possessing a Tennessee Nursing Home (Long Term Care Facilities Residents Fund) Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.