What is an Idaho DMEPOS Bond?
Based on the findings of research conducted by the Grand View Research, Inc., the durable medical equipment (DME) market worldwide is projected to reach US$242.1 billion by 2024.
With the assistance of government financing and public-private collaborations, the number of healthcare settings is getting bigger. This development is predicted to generate opportunities for market players facilitating the demand for DME. With this surge of the request for DME, there is a definite necessity for industry players to secure their businesses, at the same time, protect their clients. They need to procure a DMEPOS Bond.
The Idaho Durable Medical Equipment (DMEPOS) Bond is an important requirement by the Centers for Medicare and Medicaid Services for dealers and providers of durable medical equipment, prosthetics, orthotics, and supplies. The major objective of the bond is to aid in reducing the occurrence of Medicare billing fraud and other types of deceptive schemes. The bond is likewise an incontrovertible declaration guaranteeing that the operator/owner of a DMEPOS business will comply with all mandatory taxes imposed by the State in the operation of its business. Further, the DMEPOS Bond is proof that the DME operator is fully licensed to commence business operations within the State of Idaho.
Why do you need an Idaho DMEPOS Bond?
You need the Idaho DMEPOS Bond because you want to be viewed as a respectable business owner who knows how to observe governmental controls and who knows how to look after the welfare of your clients and users of DME.
How much does an Idaho DMEPOS Bond?
Providers and dealers, apart from those operating sole proprietorship businesses, must post a minimum $50,000 DMEPOS bond for each National Provider Identifier (NPI) practice location before getting authorization to bill Medicare. Premium payments will be determined by the applicant’s credit score and financial history. Likewise, the profile of the applicant including his/her reputation as a member of the community will be strong factors in the decision of how much the premium will be. Additional coverage is needed in circumstances where the DMEPOS operator has had past legal actions thrown at him/her and was convicted for any criminal act, lost his/her accreditation or was suspended, had a suspended license, or has lost Medicare billing privileges.
How do I get an Idaho DMEPOS Bond?
For the bond to be acceptable, it is your duty to see to it that the information provided on your bond application is precise and accurate. You have to be certain that the name of your organization is written and such business name that can be found on your license.
Getting an Alcohol Tax Bond is simple. Choose a certified surety professional that is authorized to operate within the state of Idaho and immediately give them a call! 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 business.