OK Medicare DMEPOS - $50,000

Medicare DMEPOS Surety Bond in Oklahoma- $50,000.
Pharmacies-$250; All others-$500. Other prices vary based on credit.

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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 seperate surety bond is required for each National Provider Identifier (NPI) obtained for DMEPOS billing purposes. The deadline for exisiting 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 fraudelent 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 goverment agency

You are applying for a $50,000 Medicare DMEPOS Surety Bond.
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By submitting this Application, the owners listed above hereby authorize BondAbility, (including any of its representatives affiliates, agents or designees) to conduct any and all investigative inquiries including but not limited to obtaining consumer credit reports. Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false, incomplete, or misleading information, or conceals information concerning any material fact whereto, commits a fraudulent insurance act, which is a crime punishable by incarceration, and shall also be subject to civil penalties