What is an Arizona DMEPOS Bond?
The Arizona Durable Medical Equipment Supplies (DMEPOS) Bond is a $50,000 bond required by the Centers of Medicare and Medicaid Services to act by the state’s licensing prerequisites. It aims to trim down, if not totally abolish, fraudulent Medicare-related demands for payment.
It also offers legal protection against negligence, dereliction of duty, mismanagement of resources, and other types of deception that will be committed by medical equipment suppliers.
Why do you need the Arizona DMEPOS Bond?
You need an Arizona DMEPOS Medicare Bond because your occupation is important to you. You want to be viewed as a DMEPOS who knows how to protect not just clients but the public in general. The bond is a sure feather on your cap which other practitioners in the industry may not possess thereby making you a complete stand-out. The bond likewise depicts you as a responsible supplier who thinks of the community it operates in, thus, making you appealing to potential patrons. With this bond, current customers and future consumers will look at you as a supplier of dependability, credibility, consistency, and respectability. Through the bond, you will wear that image of propriety and competence assuring you of a good ranking within the industry.
More details about the Arizona DMEPOS Bond
By making the DMEPOS bond compulsory, the CMS hopes to 1) allow only certified DMEPOS providers to register and take part in the Medicare program; 2) thwart Medicare illegal schemes; 3) warrant that the Medicare program is compensated for any damages which resulted from deceitful or other criminal business practices.
Some providers are excused from the DMEPOS-Medicare Bond requirement. These are the 1) physical and occupational analysts doing private practices, if and when, these professionals solely own and operate the endeavor; 2) if the items they furnish are only directed to their patients as part of his or her service; 3) and the endeavor only bills for orthotics, prosthetics, and supplies.
What is the cost of a DMEPOS Bond?
Yearly premium payments are established based on the applicant’s personal credit history and financial standing. Suppliers with excellent credit may be qualified for the customary market rates that range from 1% to 3% of the bond amount. However, if the bond applicant has a low credit score or there are disparaging and critical statements written on their credit report, the premium payment amount will usually range from 5% to 12% of the bond amount.
Supplementary coverage is required when an applicant has had legal impediments in the past or has been found guilty of a crime, previous suspension of accreditation, deferred license, or has lost Medicare billing privilege.
How do I get a DMEPOS Bond?
To obtain a DMEPOS Medicare Bond is simple. Choose a genuine surety professional and give them a call ASAP! An expert 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.