What is a Hawaii DMEPOS Bond?
Many may not be aware of it, but the American health care setting is akin to other industries as far as environmental conditions, configuration, and strategies are concerned. Like other cutthroat business areas, it is also vastly tumultuous, aggressive but viable, and multifaceted. With managed care swiftly directing healthcare delivery, strategies to trim down costs and improve quality and access are essential to medical organizations’ continued existence.
Taking into consideration these environment dynamics, the healthcare industry has undertaken structural and strategic modifications and advances to accomplish organizational economies of scale, enhance the deployment of resources, improve access to capital, increase political power, and expand the scope of the market. It has also become shrewd in its dealings. One of the evidence to show the industry’s discretion and acumen is the employment of the DMEPOS-Medicare Bond that could protect businesses and health care users as well.
If you are based in Hawaii, the Hawaii 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 Hawaii-based DMEPOS will comply with the state’s licensing preconditions. Its objective is to scale back, if not completely purge, untrustworthy Medicare-related billings and claims. It correspondingly provides legal protection against negligence, inconsistency, unprofessional conduct, and other types of corruption committed by medical equipment suppliers.
Why do you need a Hawaii DMEPOS Bond?
You need the Hawaii DMEPOS Medicare Bond because your vocation is important to you. With the bond up your sleeve, it depicts you as a reliable supplier, thus, making you attractive to potential customers.
More details about the Hawaii DMEPOS Bond?
The Hawaii DMEPOS Bond can protect consumers from the following deceitful activities:
- Transport and delivery of medical equipment to patients before their physician gives instructions;
- invoices for duplicate orders;
- Delivering more than the amount requested;
- Demanding payment for costly items than those that are shipped;
- Non-recording of returned items;
- Forging doctors’ signatures;
- Using other people’s insurance identification numbers;
- Billing everyone in a nursing home, making it appear that everyone received the equipment.
Some providers are excused from the DMEPOS Bond requirement. These are the 1) occupational analysts doing private practices; 2) if the items they provide are only directed at their patients; 3) the undertaking only bills for orthotics, prosthetics, and supplies.
What is the cost of a Hawaii DMEPOS Bond?
The Hawaii DMEPOS Bond annual 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 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 Hawaii DMEPOS Bond?
Obtaining a DMEPOS Medicare Bond is simple. Choose a genuine surety professional and give them a call! 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.