Durable Medical Equipment, Prosthetics, Orthotics, and Supplies. DMEPOS Surety Bonds
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February 2, 2009
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As part of the "Fraud
Prevention Act of 2008", the Federal Government has announced a
new surety bond requirement for Durable Medical Equipment, Prosthetics, Orthotics,
and Supplies (DMEPOS) suppliers and providers. As of October 2, 2009 all current
DMPEOS must post a minimum $50,000 surety bond; new providers must be in compliance
by May 4, 2009.
The bond requirement aims to regulate the enrollment process of DMEPOS and
prevent fraud and abuse that has been prevalent within the industry. In addition
to obtaining a surety bond, DMPEOS will also be required to obtain accreditation.
These new regulations will ultimately help to ensure that Medicare beneficiaries
receive only necessary products through legitimate DMEPOS suppliers and providers.
The surety bond guarantees that the Medicare program will be able to recoup
losses due to fraudulent activity or abusive billing practices.
As the nation’s premier source for surety bonds, The Surety Group Agency, LLC has
developed a streamlined underwriting program to assist DMEPOS suppliers and providers
in obtaining their surety bond.
The Surety Group’s goal is to simplify the bonding
process to ensure that all DMEPOS suppliers and providers can meet the deadline
of October 2, 2009 for current DMPEOS or May 4, 2009 for new providers. The four-tier
program is based on credit history, net worth and assets and will offer Premium,
Preferred, Standard and Non-Traditional rates.
Contact The Surety Group Agency, LLC today for more information regarding the new
bond requirement for DMEPOS. Visit our DMEPOS Surety Bond Page.
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