DMEPOS is an acronym which means durable, medical, equipment, prosthetics, orthotics and supplies.
The industry is regulated by the Centers for Medicare and Medicaid Services, CMS for short.
To participate in the DMEPOS program in Florida you are required to file at least one surety bond with CMS.
Beginning in 2009, and since then, DMEPOS participates are required to post at least one $50,000 surety bond with the CMS.
This surety bond’s origins came about as a result of systemic Medicare and Medicaid fraud and theft, costing the federal government many millions of dollars.
The purpose of the Florida DMEPOS bond, then, is a financial guarantee that medical suppliers will abide by all rules --- state and federal --- in the conduct of their business duties.
The bond furthermore serves as a financial guarantee that protects the federal government from acts of fraud, theft, criminal malfeasance, or willful misconduct by a licensed supplier up to the bond amount required.
As such, the DMEPOS bond is not insurance for a medical supplier, but besides being a requirement for licensing, its sole purpose is to protect the government from acts of criminal wrongdoing.
At least one $50,000 DMEPOS bond is required of medical suppliers. The surety bond amount required increases in increments of the same amount.
Therefore, for each location where you maintain a National Provider Identifier number (NPI) a $50,000 surety bond is required.
The cost of the surety bond required will be contingent on the following factors:
Our agency will work with you to obtain the best surety bond pricing.
Your DMEPOS bond’s premium renews annually. It must always be kept active as a condition of licensing with the CMS.
Our agency will mail a reminder to you some 30-60 days before the bond's renewal with a reminder.
Depending on when the you call our agency --- we can take the application directly over the phone --- and the size of your bond requirement, the DMEPOS bond may be issued between anywhere within a few hours or a few business days.
AmeriPro Surety Bonds is a surety bonds-only agency providing license and permit, contractor, court, and fiduciary bonds throughout Florida.
Our agency will work for you to secure the most fair pricing. We value the relationships that we build with our potential and real customers.