What is the Kansas DMEPOS Bond?
The Kansas DMEPOS Bond is a vital prerequisite mandated by the Centers for Medicare and Medicaid Services for dealers and providers of durable medical equipment, prosthetics, orthotics, and supplies.
The chief intention of the bond is to assist in reducing the incidence 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 of Kansas in the operation of its business. Furthermore, the DMEPOS-Medicare Bond is proof that the DME operator is fully licensed to commence business operations within the state.
Why do you need the Kansas DMEPOS Bond?
You need the Kansas DMEPOS Bond because you want to be viewed as a respectable DME dealer/provider who knows how to observe governmental controls and who knows how to look after the welfare of your clients and users of DME. The bond is likewise imperative making your dealership of DME an attractive alternative against those DME suppliers who commit dishonest acts towards users and Medicare.
More details about the Kansas DMEPOS Bond
For the bond to be truly acceptable, the information provided on the bond application must be precise and accurate, the name of the organization is clearly written, and that it is the business name found on the license.
What is the cost of the Kansas DMEPOS Bond?
For providers and dealers, the Kansas DMEPOS Bond, apart from those operating sole proprietorship businesses, is for $50,000 for each National Provider Identifier (NPI) business location before getting authorization to bill Medicare. Premium payments will be determined by the business owner’s credit score and financial history. Likewise, his/her profile including a reputation as a member of the community will be a strong factor in the decision of how much the premium will be. Additional coverage is necessary when the licensee has had past legal actions thrown him/her, was convicted of a criminal act, has lost accreditation or was suspended, had a suspended license, or has lost Medicare billing privileges.
How do I get a Kansas DMEPOS Bond?
Procuring this bond is effortless. For faster processing and reliable outcomes, be wise in choosing a licensed surety bond agency by researching and checking on their background and track record. With a dependable surety organization behind you, protecting your business, your clients, and your shareholders will be easy and cost-effective.