Debora Holmes-Young’s professional certification as Certified Fitter-mastectomy (CFm) requires her business to is bonded because she is a DMEPOS supplier and required to comply with the surety bond requirements for each assigned National Provider Identifier (NPI) to which Medicare has granted billing privileges. She fulfills the current The Medicare Bond requirement as set forth in the Centers for Medicare and Medicaid Services (CMS).
This bond is provided by The Bond Exchange & Insurance Agency (BEIA). BEIA founded by a team of surety bond experts with the goal of delivering first class service and support to clients for their diverse bonding needs.
$50,000 (Standard Requirement)
Centers for Medicare and Medicaid Services (CMS)
Personal Credit Check of Business Owner(s)
Who is Required to Secure this Bond
A Medicare bond in the amount of at least $50,000 is mandatorily required for each supplier of Medicare durable medical equipment, prosthetics, orthotics and supplies (DMEPOS). Suppliers deemed to be of “significantly higher risk” will be required to provide a bond valued at an amount greater than $50,000 (i.e. prior revocation of license, felony conviction, etc.).
Why is the Bond Required
The Medicare Bond requirement is set forth in the Centers for Medicare and Medicaid Services (CMS). Existing DMEPOS suppliers will be required to comply with the surety bond requirements for each assigned National Provider Identifier (NPI) to which Medicare has granted billing privileges.
Who is Protected Under this Bond
The Medicare bond will ensure that CMS can recover over-payments that result from fraudulent or abusive supplier billing practices. This will not only limit Medicare’s risk to fraudulent billing, but will also help ensure that only legitimate DMEPOS suppliers are enrolled in the program.
The Medicare Bond is underwritten based on a personal credit check of the business owner(s). In the event the personal credit does not meet the minimum threshold for a standard approval, the premium rate may be elevated.