What is a Minnesota DMEPOS Bond?
Are you a supplier or planning to be a supplier of durable medical equipment, prosthetics, orthodontics, and other related supplies in Minnesota? If so, you need this bond!
DMEPOS-Medicare Bond is required by the Center for Medicare and Medicaid Services (CMS). Non-compliance of the supplier to this CMS requirement will result in the revocation of the supplier’s medical billing privileges.
The DMEPOS surety bond is needed to guarantee the following:
- Establish a better Medicare enrollment process to filter out legitimate DME suppliers.
- Avoid dishonest DME suppliers.
What is the Minnesota DMEPOS Bond amount?
The surety bond’s minimum amount should be $50,000.
The said bond amount is required for each National Provider Identifier (NPI).
$50,000 – for revalidating DME providers and suppliers whose Medicaid revenue from the previous year is up to $300,000.
$100,000 – for revalidating DME providers and suppliers whose Medicaid revenue from the previous year is more than $300,000.
High-Risk Suppliers may be required to pay a much higher bond amount. If a high-risk supplier has experienced any legal action taken against him within 10 years before enrollment or re-enrollment, the bond amount will be $50,000 for each incident.
What are the DMEPOS bond conditions?
- The bond should be issued by a surety bond company that is authorized to conduct such business in Minnesota.
- The surety should pay the CMS any established claim within 30 days of receiving written notice. The monetary compensation should be:
- CMS or its contractors may file a bond claim.
- The surety will be liable for any unpaid claims, CMPs, or assessments that occur during the bond’s term.
- The DMEPOS bond shall remain valid until canceled. In the case of cancellation, a 30-day notice is required.
- The bond should be submitted to the National Supplier Clearinghouse (NSC).
- The amount of any unpaid claim, plus accrued interest, for which the DMEPOS supplier is responsible.
- The amount of any unpaid claims, Civil Monetary Penalties (CMP), or assessments imposed by CMS or the OIG, plus accrued interest.
How can I secure a Minnesota DMEPOS Bond?
You can obtain a DMEPOS bond by submitting an application to us. Don’t worry, we will guide you through the whole process!
You will be asked to submit pertinent information needed for the underwriting process. This will include your credit score, your job performance history, and your financial history.
An underwriter will then carefully evaluate all of those. Once done, we will issue the bond and send it to you right away!
How does one enroll as a DMEPOS supplier?
- Complete and submit the Medicare enrollment application form (CMS-855S) along with the necessary documents stated on the form to the NSC.
- Pay the necessary fees.
The NSC will review your application and verify if you have complied with the supplier standards.
You will be notified once the application has been approved.
Are you ready to secure this surety bond? Get your FREE QUOTE HERE today!