Suppliers of durable medical equipment, prosthetics, orthotics and supplies are required by The Centers for Medicare & Medicaid Services (CMS) to have a Medicare surety bond. This bond is also referred to as a DMEPOS Bond. The bond is required to be in the amount of $50,000.
The bond is to protect CMS, and states that they will be able to recoup any losses caused by fraudulent activity or incorrect billing by the company that purchases the bond. If they feel you have wronged them in a financial matter they can file a claim with your surety company. The claim will be researched and if the surety company pays out, you must pay them back
Surety1 has access to the best markets available so we’re able to get you a firm quote no matter your situation. Surety1 is able to offer you this bond for as low as $250 for the year.
In order to become a registered supplier of durable medical equipment, prosthetics, orthotics, and supplies (DMEPOS), you must submit an application and supporting documents (such as a surety bond) to the Centers for Medicare & Medicaid Services (CMS).