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- A DMEPOS surety bond is a bond issued by an entity (the surety) guaranteeing that a DMEPOS supplier will fulfill an obligation or series of obligations to a third party (the Medicare program). If the obligation is not met, the third party will recover its losses via the bond.
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Sep 10, 2009 · A DMEPOS surety bond is a bond issued by an entity (the surety) guaranteeing that a DMEPOS supplier will fulfill an obligation or series of obligations to a third party (the Medicare program). If the obligation is not met, the third party will recover its losses via the bond.
- What Are The DMEPOS Supplier Standards?
- Who Are The Eligible Professionals For DMEPOS Accreditation?
- Competitive Bid Bonds
In order to obtain and retain billing privileges, all DMEPOS providers with CMS accreditation must comply with the Supplier Standards rule set forth in 42 Code of Federal Regulations (CFR), part 424, section 57. For a complete version of the DMEPOS Supplier Standards, please visit the electronic Code of Federal Regulations (e-CFR).
Eligible professionals are defined in section 1848(k)(3)(B)) of the Public Health Service Act and include the following practitioners: 1. Physicians (as defined in section 1861(r) of the Act), 2. Physical Therapists, 3. Occupational Therapists, 4. Qualified Speech-Language Pathologists, 5. Physician Assistants, 6. Nurse Practitioners, 7. Clinical N...
The Medicare Competitive Bidding Program (CBP), which determines the fee schedule for various types of DMEPOS items and was established by the Medicare Prescription Drug Improvement and Modernization Act of 2003, required anyone submitting a bid to obtain a surety bond. The current CBP fee schedule is slated to remain in effect until the end of 202...
Surety Bond. Suppliers seeking to enroll or changing the ownership of a DMEPOS supplier must submit a $50,000 surety bond for each assigned National Provider Identifier (NPI) for which the DMEPOS supplier is seeking to obtain Medicare billing privileges.
A DMEPOS Bond for Suppliers is a surety bond that helps protect against financial fraud and abuse against the Centers for Medicare and Medicaid Services (CMS).The bond guarantees that all unpaid claims, Civil Monetary Penalties (CMPs), and assessments, plus accrued interest assessed by CMS and The Office of Inspector General (OIG) will be paid t...
- Obtain DMEPOS Accreditation. A CMS-approved accreditation organization will verify that your business meets the required DMEPOS Quality Standards (PDF) and conduct periodic, unannounced site visits.
- Get an NPI for Each Practice Location. If you already have an NPI for each practice location, skip this step and proceed to Step 3. NPIs are issued through the National Plan & Provider Enumeration System (NPPES).
- Complete the Enrollment Application and Electronic Funds Transfer Authorization Agreement CMS-588. Enroll using PECOS, the online Medicare enrollment system.
- Pay the Medicare Application Fee. The Medicare Application Fee for 2023 is $688. You can pay the fee on the PECOS Medicare Fee Payment page.
Get your bonds today by: Free Online Application, call 800-901-3099 or email us. Durable medical equipment DME surety bonds are sometimes also called a: DMEPOS surety bond. Medicare surety bond. CMS surety bond. Centers for Medicare Medicaid services surety bond. Medicaid surety bond. Pharmacy surety bond.
Mar 13, 2024 · Surety bonds demonstrate a DME supplier’s reliability and financial stability, helping them secure larger contracts. Your DME Bonding Partner. We specialize in helping DME businesses obtain the bonds they need. We offer: Expert Guidance: We help you understand different bond types and requirements.
