DMEPOS, an acronym which means durable, medical, equipment, prosthetics, orthotics, suppliers, is part of the federally mandated Centers for Medicare and Medicaid Services CMS department.
As a condition for licensing with the CMS, at least one $50,000 surety bond is required. AmeriPro Surety Bonds offers this bond for New York companies who have elected to participate in this program. We provide the DMEPOS surety bond for both first time and renewal applicants.
Each New York DMEPOS bond is increments of $50,000. The calculation is simple:
As per federal rules, you will be required to maintain a $50,000 surety bond for each National Provider Identifier (NPI) number than you own.
A DMEPOS participate with 10 NPI’s would therefore be required to purchase a $500,000 total surety bond.
As a supplier to both Medicare and Medicaid participants, the required surety bond is a financial guarantee that you will act in accordance with all federal, New York state and local laws in the conduct of your duties as a licensed supplier.
Therefore, this surety bond serves as a financial guarantee whose protections are solely for others.
That is, the surety bond’s protections are for your customers --- and the CMS --- from acts of fraud, theft, criminal negligence, or willful criminal misconduct engaged in by a DMEPOS participant, and any employees, owners, managers, or agents, as it relates to professional malfeasance.
As principal, you are liable for any claims paid on your surety bond. You would therefore be legally obliged to repay the surety for any claims accepted and, including all costs and fees involved.
The premium you will pay for the DMEPOS bond will be determined by
Applicants with very good credit may pay less than 1% annually for this surety bond; however, the amount you will be required to pay is contingent on the above criteria.
Our agency will work with you to provide the best surety bond pricing.
AmeriPro Surety Bonds is a surety bonds-only company which provides license and permit, contractor, court and fiduciary bonds throughout New York state.
Our agency also provides surety bonds nationwide.
We know that you have choices for your surety bond needs and we are particularly grateful that you have chosen our agency.