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How much does a DMEPOS Competitive Bidding Program bond cost?
The DMEPOS Competitive Bidding Program bond cost for DMEPOS suppliers with good credit starts around $475. However, this bond is subject to underwriting with credit consideration so the bond premium may vary. SuretyBonds.com works hard to find applicants the best possible rate for their bond.
DMEPOS suppliers must obtain $50,000 of coverage for each competitive bidding area (CBA) they operate. This means if a DMEPOS supplier bids in five different CBAs, they would have to obtain five $50,000 bonds.
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What is a DMEPOS Competitive Bidding Program?
The Durable Medical Equipment, Prosthetics, Orthotics, & Supplies Competitive Bidding Program is a tool established by Congress through the passing of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. This program assists Medicare in setting reasonable payment rates for DMEPOS items that benefit taxpayers and beneficiaries and limits fraud or abuse in the Medicare program. Those in the Medicare program are assured of access to quality DMEPOS items as a direct result of this program.
The bid window for Round 2021 is open and will close September 18, 2019. There are 130 competitive bidding areas and 16 product categories for the current round. Contact the Centers for Medicare & Medicaid Services (CMS) for additional information.
Surety Bonds for DMEPOS Competitive Bidding Program
The CMS requires bidding entities, typically suppliers, in Round 2021 to obtain a $50,000 bid surety bond before they can submit a bid. The bond obtained must be for the competitive bidding area (CBA) where the entity will submit a bid. Multiple bonds must be obtained if entities submit bids in multiple CBAs. A copy of the bond(s) must be uploaded to the DMEPOS Competitive Bidding Program’s portal by the close of the Round 2021 bid window.
Your bid surety bond will be forfeited during the program if specific situations arise. Check out the DME Competitive Bid page to see what these situations are and if any of them could apply to you.
Your bid could be disqualified if you do not submit a bid surety bond for each competitive bidding area. There are no exceptions, exemptions, or substitutes for this surety bond requirement.
Poor Credit? You can still get a bond!
SuretyBonds.com believes that every customer should be able to purchase a DMEPOS Competitive Bidding Program Bond regardless of credit history. To help us develop this idea, we created a Bad Credit Surety Bond Program! 99% of applicants are approved for their bond! Don’t let your credit stop you from buying the bond you need. Submit a free application today and receive a no-obligation bond quote!