The Centers for Medicare & Medicaid Services is most commonly referred to as the acronym CMS. The CMS provides Medicare, Medicaid, the Children’s Health Insurance Program, and the Health Insurance Marketplace. They provide coverage to more than 100 million Americans across the country. This accounts for almost a third of Americans. The CMS is also in charge of the Durable Medical Equipment, prosthetics, orthotics, and supplies competitive bidding program.
For those interested in being part of the bidding process, one must have all the required licenses and paperwork. Part of this process includes taking out the required surety bonds. These bonds are used to help the CMS regulate and enforce their laws and regulations.
Common types of surety bonds that are required by the Centers for Medicare & Medicaid Services include:
Medicare / DMEPOS Surety Bond
A Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) Surety Bond is required by all suppliers of DMEPOS. The bond must be at least $50,000 and helps protect against fraud or incorrect billing. It also helps ensure that the supplier follows all laws and regulations that keep equipment standards.