What is DMEPOS?
DMEPOS stands for durable, medical equipment, prosthetics, orthotics suppliers. The acronym refers to those who are suppliers of medical equipment to Medicare or Medicaid.
While the surety bond is known as a DMEPOS surety bond, it is also sometimes referred to as a Medicare surety bond or Medicaid surety bond.
The Centers for Medicare and Medicaid Services (CMS) requires that this surety bond be purchased.
This surety bond requirement was enacted in October of 2009, and with some government-related exceptions, Medicare and Medicaid providers are required to have this surety bond.
The DMEPOS surety bond was enacted in response to prior instances of fraud and other illegal activities that had been committed by physicians and medical providers.
This surety bond is required as a stop-measure to protect against instances of fraud.
It is not, therefore, an insurance policy on behalf of the Medicare provider. Rather, it protects against wrongful, fraudulent, or negligent acts committed by a medical provider.
Non-exempt DMEPOS providers are required to obtain a surety bond for $50,000 for each location in which they have an office.
Therefore, a Medicare provider with 10 offices would be required to file a $500,000 surety bond with CMS.
While the amount of a DMEPOS surety bond is $50,000 per location, you will only pay a small fraction of that amount.
Applicants with ideal credit scores can pay as low as 1% of the total surety bond amount.
The amount of premium will be determined almost entirely by credit scores.
As a surety-bond only agency, AmeriPro Surety Bonds provides DMEPOS, contract, commercial, court and fiduciary surety bonds in all 50 states.