What is a Montana DMEPOS Bond?
Are you a supplier or planning to be a supplier of durable medical equipment, prosthetics, orthodontics, and other related supplies in Montana? If so, you need a DMEPOS-Medicare Bond.
This surety 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 bond is needed to ensure the following:
- To establish a better Medicare enrollment process to filter out legitimate DME suppliers.
- To avoid dishonest DME suppliers.
What is the Montana DMEPOS Bond amount?
The minimum amount should be $50,000.
The said bond amount is required for each National Provider Identifier (NPI).
One practice location requires one NPI. That's why, if you have 10 practice locations, your bond amount will be $500,000.
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/her within 10 years before enrollment or re-enrollment, the bond amount will be $50,000 for each incident.
What are the Montana DMEPOS Bond conditions?
- The bond should be issued by a surety bond company that is authorized to conduct such business in Montana
- The surety should pay the CMS any established claim within 30 days of receiving written notice. The monetary compensation should be:
- The amount of any unpaid claims, Civil Monetary Penalties (CMP), or assessments imposed by CMS or the OIG, plus accrued interest.
- The surety will be liable for any unpaid claims, CMPs, or assessments that occur during the bond’s term.
- 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 DMEPOS bond shall remain valid until canceled. In the case of cancellation, a 30-day notice is required.
- CMS or its contractors may file a bond claim.
How do I secure a Montana DMEPOS Bond?
You can obtain a DMEPOS bond by submitting an application to a Surety.
You will be asked to provide relevant information needed for the underwriting process. This will include your job performance history, your credit score, and your financial history.
An underwriter will carefully evaluate all those.
Once done, we will issue the bond and send it to you right away.
How do you enroll as a DMEPOS supplier?
You'll have to complete and submit the Medicare enrollment application form (CMS-855S) along with the necessary documents stated on the form to the NSC. Afterward, you'll pay the necessary fees.
The NSC will then review your application and verify if you have complied with the supplier standards. Once the application has been approved, you will be notified.
Do you need to secure a DMEPOS bond? Be guided by our surety bond experts and contact us today.