DMEPOS, an acronym which stands for durable, medical, equipment, prosthetics, and orthotics suppliers, refers to those who engage in the business of providing medical equipment to patients who receive benefits from Medicare, and, for those state who reside in states which participate, in the Medicaid program.
Utah participates in the Medicaid program .
The DMEPOS program is federally mandated, falling under the authority of the Center for Medicare & Medicaid Services (CMS).
A full-length explanation of medical supplier standards can be found under the Electronic Code of Federal Regulations.
Beginning in 2009, CMS began mandating that medical suppliers obtain a Utah DMEPOS bond (for those medical suppliers who operate in Utah) with a minimum amount of $50,000.00.
The DMEPOS surety bond was occasioned by previous instances of Medicare and Medicaid fraud and theft perpetuated by medical suppliers.
The cost of the fraud was many millions of dollars.
The Utah DMEPOS bond is required, then, as a financial guarantee of medical suppliers that they will conduct their business in accord with the law.
While the bond has a minimum amount of $50,000, the exact amount of the bond required in an individual instance will depend on the number of National Supplier Identifiers (NPI) a medical supply business maintains.
The DMEPOS bond is in increments of $50,000.00.
Thus, a Utah medical supplier with 10 NPI’s would be required to obtain a $500,000 Utah DMEPOS bond.
Among other exceptions to the DMEPOS surety bond requirement include physicians who supply medical equipment to their patients as a usual part of their medical practice.
The DMEPOS bond is issued for a period of one year.
The bond renews on an annual basis.
The premium for the DMEPOS bond will be determined by two main criteria:
* One, is the amount of the bond required;
* The second is the applicant credit score.
A $50,000 DMEPOS bond may have an annual premium as low as $250 for the year for qualified applicants!
And a $500,000 DMEPOS bond may have an annual premium of $2,500 for the year.
Regardless of applicant credit score, AmeriPro Surety Bonds acts as your advocate.
As such, we work to provide you the best pricing tailored to your credit history.
AmeriPro Surety Bonds is always aware of one thing: Our clients have choices, and they have chosen our agency.
Our goal is to both provide unmatched customer service and to provide you with the best pricing.
AmeriPro Surety Bonds is a surety bond-only agency.
Throughout Utah, we provide contractor, license and permit, and fiduciary surety bonds.
We also provide surety bonds throughout the US.
Call AmeriPro Surety Bonds today at 844-589-9732 for your Utah DEMPOS bond.