What is a Florida DMEPOS / Medicare Surety Bond?
A Florida DMEPOS Bond / Medicare Bond is required by the Center for Medicaid and Medicare Services of all suppliers of durable medical equipment, prosthetics, orthotics and supplies. The Florida DMEPOS Bond / Medicare Surety Bond ensures that the suppliers of durable medical equipment, prosthetics, orthotics and supplies will pay all unpaid claims, penalties, and assessments. However, some suppliers are exempt for the Medicare bond require and include: government-owned suppliers; state licensed orthotic and prosthetic personnel solely owned and operated by those personnel billing only for orthotics, prosthetics, and supplies; physician and non-physician practitioners who furnish DMEPOS supplies only to their clients as a professional service; and physical/occupational therapists who furnish DMEPOS supplies to their clients as a professional service.
What Florida DMEPOS / Medicare Bond amount do I need?
The Florida DMEPOS / Medicare Bond amount is set at $50,000 for each National Provider Identifier (NPI) number. For example if your business has a total of five locations or NPI’s, you would need to post five Medicare Surety Bonds in the amount of $50,000 each which would equal $250,000 in total surety bond exposure.
What is the current market for a Florida DMEPOS / Medicare Surety Bond?
Florida DMEPOS Bonds / Medicare Bonds are written by multiple surety bond markets. Terms of approval and premium are largely determined by the financial condition of the health care clinic’s corporate and/or personal net worth, experience, and the needed bond amount. However, well-qualified applicants should expect a rate of 0.5%-1% of the bond amount while those applicants seeking a bad credit surety bond should expect a rate of 2%-10% of the surety bond amount.
How do I apply for a Florida DMEPOS/Medicare Bond?
- Complete our online Florida DMEPOS/Medicare Bond application, or
- Download and complete our printable Florida DMEPOS/Medicare Bond application, and
- Receive your surety bond quote in minutes!