What is a South Dakota DMEPOS Bond?
The procurement of medical equipment is a costly part of health care. This is one big reason why it is vital to buy equipment that is appropriate for the potential user. Before buying any equipment, it must be determined if it will be covered by a health insurance or by Medicare. If the user’s insurance does not cover the purchase, other alternatives might be available. The local hospital or the user’s health care provider surely has a list of agencies that, charter, lend, or provide equipment to those who need assistance in accessing a medical equipment.
If an alleged company calls signifying that they have been contacted by your doctor, their business name and phone number must be inquired, and immediate contact must be made to the user’s doctor to verify if such contact was indeed made on the user’s behalf. A user must never give out his/her Medicare or Insurance number unless she/he has verified with her/his doctor first. If on the other hand, the DMEPOS supplier is not guilty of such fraud, but someone in the company did make this fraudulent attempt, then the DMEPOS supplier is covered by the DMEPOS Bond.
The South Dakota 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 South Dakota.
Why do you need a South Dakota DMEPOS Bond?
You need the South Dakota 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.
What is the cost of a South Dakota DMEPOS Bond?
With the South Dakota 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 was convicted of any criminal act, lost your accreditation or was suspended, had a suspended license, or has lost Medicare billing privileges.
For the bond to be 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 written and such business name that can be found on your license.
How do I get a South Dakota DMEPOS Bond?
Getting a South Dakota DMEPOS Bond is simple. Choose a genuine surety professional that is authorized to operate within the state of South Dakota 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.