What is a Wyoming DMEPOS Bond?
To avoid dishonest DME suppliers and to establish a better Medicare enrollment process by filtering out legitimate DME suppliers, the Center for Medicare and Medicaid Services (CMS) requires individuals or business entities intending to become enrolled DMEPOS suppliers to submit a DMEPOS-Medicare Bond to the National Supplier Clearinghouse (NSC).
Non-compliance with this CMS requirement will result in the following:
- The applicant will not be able to exercise his or her billing privileges
- The enrolled supplier’s medical billing privileges will be revoked
What is the Wyoming 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). One practice location requires one NPI. So for example, if you have ten 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 within ten years before enrollment or re-enrollment, the bond amount will be $50,000 for each incident.
What are the Wyoming 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 claim, plus accrued interest, for which the DMEPOS supplier is responsible.
- 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 DMEPOS bond shall remain valid until canceled. In the case of cancellation, a 30-day notice is required.
- The amount of any unpaid claims, Civil Monetary Penalties (CMP), or assessments imposed by CMS or the OIG, plus accrued interest.
- CMS or its contractors may file a bond claim.
How can I obtain a Wyoming DMEPOS Bond?
You can obtain a DMEPOS bond by submitting an application to us. If you’re ready to apply now, you may do so here! 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 financial history, your job performance history, and your credit score. An underwriter will carefully evaluate all those.
Once done, we will issue the bond and send it to you immediately!
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.
Secure your Wyoming DMEPOS Bond, apply here today!