What is an Alaska DMEPOS Bond?
It is a fact that there are millions of people who rely on oxygen equipment, wheelchairs, diabetic supplies, and back braces for them to be mobile and functioning.
To have consistent and dependable access to durable medical equipment (DME) and supplies is, therefore, a vital component in making sure that Medicare/Medicaid beneficiaries obtain superior health care and excellent quality of life.
When accessibility issues such as not finding reliable suppliers occur, a beneficiary’s access to necessary equipment is hampered and the system “breaks down.” In like manner, when suppliers commit unethical acts, the same can place the system at risk and the users of this equipment imperiled.
Therefore, the DMEPOS-Medicare Bond or the Durable Medical Equipment & Supplies Bond is imperative.
If you are based in Alaska, the Alaska Durable Medical Equipment Supplies (DMEPOS) Bond is a compulsory $50,000 pledge mandated by the Centers of Medicare and Medicaid Services to durable medical equipment suppliers. This is to make sure that Alaska-based DMEPOS will comply with the state’s licensing preconditions.
Its objective is to downsize, if not completely flush out, unreliable Medicare-related billings and claims. It correspondingly provides legal protection against unprofessional conduct, negligence, inconsistency, and other types of corruption committed by medical equipment suppliers.
Why is an Alaska DMEPOS Bond needed?
You need an Alaska DMEPOS Medicare Bond because your vocation is important to you.
With this bond up your sleeve, it portrays you as a reliable supplier, therefore, making you appealing to potential customers.
More details about the Alaska DMEPOS Bond
This surety bond can protect consumers from the following deceitful activities:
- Forging doctors’ signatures;
- Billing everyone in a nursing home, making it appear that everyone received the equipment;
- Transport and delivery of medical equipment to patients before their physician gives instructions;
- Demanding payment for costly items than those that are shipped;
- Delivering more than the amount requested;
- Invoices for duplicate orders;
- Using other people’s insurance identification numbers;
- Non-recording of returned items.
Some providers are excused from the DMEPOS Bond requirement. These are:
- If the items they provide are only directed at their patients;
- Occupational analysts doing private practices;
- The undertaking only bills for prosthetics, orthotics, and supplies.
What is the cost of an Alaska DMEPOS Bond?
The Alaska DMEPOS Bond annual premium payments are established based on your financial standing and personal credit history.
Suppliers with excellent credit may be qualified for the customary market rates that range from 1% to 3% of the bond amount.
However, if there are disparaging and critical statements written on your credit report, the premium payment amount will usually range from 5% to 12% of the bond amount.
Supplementary coverage is required if you have legal impediments in the past or have been found guilty of a crime, deferred license, the previous suspension of accreditation, or have lost Medicare billing privileges.
How do you secure an Alaska DMEPOS Bond?
Securing a DMEPOS Medicare Bond is simple.
A proficient surety professional can readily provide you the answers you need and the solution to whatever concerns you have in the operation of your DMEPOS venture.