Illinois DMEPOS Bond | AmeriPro Surety Bonds
DMEPOS is a federal program which is managed by the Center for Medicare and Medicaid Services.
DMEPOS is an acronym which refers to durable, medical, equipment, prosthetics, orthotics, suppliers.
Among other requirements, to participate in the DMEPOS program, you must obtain at least one $50,000 surety bond.
The bond(s) are available from AmeriPro Surety Bonds.
Illinois DMEPOS Bond: The Purpose
In 2009, after years of criminal defrauding of the Medicare and Medicaid by a few unscrupulous participants, the federal government enacted the surety bond requirement for participants in the DMEPOS program.
And the bond’s purpose is just that.
The DMEPOS bond is a financial guarantee that licensed DMEPOS participants will abide by all rules, statutes, both federal and state, in their medical supplier business.
The bond is furthermore a guarantee which protects the Center from acts of fraud, theft, and criminal misconduct or malfeasance committed by a participant.
The existence of the surety bond allows the Center to file claims against it should there be instances of financial harm.
But because it is a surety bond, it is therefore a surety. The bond is not an insurance policy.
And because it is not, any claims paid on your Illinois DMEPOS surety bond must be reimbursed in full by you as the surety bond’s principal.
Illinois DMEPOS Bond: The Amount of Surety Bond You Are Required to Purchase
In a very few instances, there are exceptions to the DMEPOS surety bond requirement; however, you will always want to check with the Center beforehand to determine if the exemption is applicable to you.
For the vast majority of DMEPOS suppliers, you will be required to obtain a DMEPOS surety bond.
The Illinois DMEPOS bond is in increments of $50,000.
The amount of surety bond you are required to purchase corresponds to the number of your NPI (National Provider Identifier).
Hence, an Illinois applicant with 5 NPI’s would be required to procure a $250,000 Illinois DMEPOS bond.
Premium for the Illinois DMEPOS Bond
The premium for the Illinois DMEPOS bond will be determined by the surety bond amount required, information provided on an application, and a credit check.
Applicants with decent credit may pay as little as ½ of 1% for the DMEPOS bond; however, we stress that the amount you will be required to pay may vary considerably.
Our agency works to find the best surety bond pricing for those whose credit may be spotty or poorer.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court and fiduciary bonds throughout Illinois.
Our agency thanks you for your consideration, particularly as we know you have a number of very good surety agency choices.
We look forward to speaking with you — an application can be accepted over the phone if you’d like!