New York Medicare DMEPOS
A $50,000 surety bond is required in NY.
On January 2, 2009, the Centers for Medicare & Medicaid Services (CMS) published a final rule in the Federal Register which mandates that many suppliers of Durable Medical Equipment, Prosthetics, Orthotics and Supplies (DMEPOS) to Medicare patients furnish CMS with a $50,000 surety bond. A separate surety bond is required for each National Provider Identifier (NPI) obtained for DMEPOS billing purposes. The deadline for existing suppliers is October 2, 2009; new suppliers or those with ownership changes is May 4, 2009.
These bonds might also be called Medicare bonds, Medicaid bonds, or Durable Medical Equipment Suppliers bonds.
The main purpose of this surety bond is to minimize risk of the Medicare program to fraudulent or abusive DME suppliers. It also ensures that the Medicare program recoups erroneous payments that result from fraudulent billing practices by allowing CMS or a designated contractor to seek payments from a surety up to the penal sum.
Certain suppliers are exempt from the surety bond requirements. Such exemptions include:
– Specific physicians and non-physician practitioners
– Specific state-licensed physical and occupational therapists
– Specific state-licensed orthotic and prosthetic personnel
– DMEPOS suppliers owned or operated by a Federal, State, Local or Tribal government agency
Click on the START MY APPLICATION button to complete our simple, online bonding application.
Completing our application allows the underwriters at our office to provide you with a specific quote for the exact bond you need. After you submit our online application, we will respond and get the process going immediately!
World Wide Bonding Agency guarantees to find the best possible price for the surety bond you need given your particular qualifications! Insurance Agent Commissions are 10% off of each bond premium. Additional underwriting information may be requested. World Wide Bonding Agency guarantees to simplify the process and keep you on the path of least resistance.