What is an Oklahoma DMEPOS Bond?
The Medicare DME supplier market world has become an increasingly more competitive industry compared to what it is in previous years. Whether it is a commodity resulting from technological advancements or service for the aging population, thousands of individuals have come to realize the need for Medicare access and durable medical equipment more than ever.
Because of the high demand, DME suppliers and operators have also mushroomed within the industry. Correspondingly, these DME suppliers/operators, including the marketing teams assisting them along the way, have found it increasingly difficult when they position their products in the market in a manner that would not only build brand recognition but likewise boost sales growth. This is where they will need a real game-changer – the DMEPOS-Medicare Bond.
The Oklahoma Durable Medical Equipment (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 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 Oklahoma.
Why do you need an Oklahoma DMEPOS Bond?
You need the Oklahoma 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 Oklahoma DMEPOS Bond cost?
With the Oklahoma 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 your credit score and financial history. Likewise, your profile including your 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 if you have had past legal actions thrown at you and were convicted of any criminal act, lost your accreditation or was suspended, had a suspended license, or have lost Medicare billing privileges.
For the bond to be truly 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 clearly written and such a business name can be found on your license.
How do I get an Oklahoma DMEPOS Bond?
Getting an Oklahoma DMEPOS Bond is simple. Choose a genuine surety professional that is authorized to operate within the state of Oklahoma 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.