A Centers for Medicare & Medicaid Services surety bond is required by the Centers for Medicare & Medicaid Services (CMS) of DMEPOS suppliers who accept Medicare payments for durable medical equipment, prosthetics, orthotics and supplies (DMEPOS). It’s a $50,000 bond meant to help protect against billing fraud and abuse. A separate bond is required for each National Provider Identifier (NPI).
These bonds renew annually and stay in place as long as you keep your license. The annual premium is often only $250 (0.5% of the bond amount) but may be higher in some circumstances. The underwriting is usually just a simple one-page application used to soft pull your credit, although occasionally additional information may be required.
Centers for Medicare & Medicaid Services surety bonds are sometimes also called a:
- CMS surety bond
- Medicare surety bond
- DMEPOS surety bond
- Durable medical equipment DME surety bond
- Medicaid surety bond
- Pharmacy surety bond