What is the New Mexico Durable Medical Equipment (DMEPOS) Bond?
The New Mexico DMEPOS Bond is a vital prerequisite mandated by the Centers for Medicare and Medicaid Services for dealers and providers of durable medical equipment (wheelchairs, crutches, oxygen, etc.), prosthetics, orthotics, and supplies.
The main intention of the bond is to assist in reducing the incidence of Medicare billing fraud and other types of deceptive schemes.
The DMEPOS-Medicare 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 New Mexico.
Why do you need the New Mexico DMEPOS Bond?
You need the New Mexico 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. The bond is likewise imperative making your dealership of DME an attractive alternative against those DME suppliers who commit fraudulent acts towards users and Medicare.
More details about the New Mexico DMEPOS Bond
For the bond to be acceptable, it is imperative that the information provided on the bond application is 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 New Mexico DMEPOS Bond?
With the New Mexico DMEPOS Bond, providers and dealers, apart from those operating sole proprietorship businesses, must post a minimum of $50,000 DMEPOS bond 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 New Mexico DMEPOS Bond?
Getting a New Mexico DMEPOS Bond is simple. Choose a genuine surety professional that is authorized to operate within the state of New Mexico 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 and in protecting it and your clients.