Nevada DMEPOS Bond | AmeriPro Surety Bonds | 844-589-9732
Nevada DMEPOS: Authority & Jurisdiction
DMEPOS is an acronym which refers to durable, medical, equipment, prosthetics, orthotics, suppliers.
This program allows private businesses to participate in providing medical equipment to Medicare and, in those states which participate, the Medicaid program.
DMEPOS comes under the authority of the Centers for Medicare and Medicaid Services.
The surety bond is also referred to as a Medicare Bond or a Medicaid Bond; they all refer to the same thing.
Origin of the Nevada DMEPOS Bond
The Nevada DMEPOS surety bond (and, in fact, the bond is a federal mandate for Medicare and Medicaid medical suppliers, so the requirement is applicable to all 50 states) was enacted in the wake of extreme, persistent, and systemic instances of fraud which had become increasingly common in the medical supplier industry.
Much of the fraud involved over and fraudulent billing by medical suppliers.
The over billing was substantial. The fraud cost the government many millions of dollars.
Requirements for the DMEPOS surety bond was mandated in 2009.
The Purpose of the Nevada DMEPOS Bond
The federal government mandated the DMEPOS bond to protect against acts of fraud, willful criminal activity, and other acts of malfeasance which a medical supplier might commit in connection with their profession.
Like all surety bonds, this surety bond protects others, not the purchaser of the bond.
Were a claim to be paid on the paid, it would be the responsibility of the medical supplier to fully reimburse the surety company for any and all expenses and fees.
Amount of a Nevada DMEPOS Bond
Under current federal law, a Nevada DMEPOS bond has a minimum amount of $50,000.
The number of NPI’s maintained by a medical supplier will determine the amount of the bond (each bond amount is in increments of $50,000).
An exception to this incremental amount is for those who operate a medical supply company as a sole proprietor.
Cost of the Nevada DMEPOS Bond
Pricing, or the premium of the Nevada DMEPOS bond will largely depend on two criteria.
One, the amount of the surety bond required.
Two, the applicant’s credit score.
Ideally, the DMEPOS surety bond will be between 1-3% of the face amount required.
Renewal of a Nevada DMEPOS Bond
The Nevada DMEPOS bond renews on an annual basis.
Once purchased through AmeriPro Surety Bonds, we will always work to ensure that you get the best pricing of your surety bond regardless of your credit situation
About AmeriPro Surety Bonds
We are a surety bond-only agency. To that end, we also provide surety bonds throughout all 50 states.