DMEPOS Bid Bonds
The bidding window for the DMEPOS Competitive Bidding Program for 2021 is closing soon! Surety Bond Professionals is the fastest & easiest way to get the most competitive terms for your bond need.
Please fill out the inquiry form or email us at email@example.com to receive the one page application and move this forward.
About the Bond
The Centers for Medicare and Medicaid Services (CMS) require a DMEPOS Competitive Bidding Program Bond from Durable Medical Equipment Providers (Bidding Entities) wishing to enter competitive bids to supply durable medical equipment under the Round 2021 Medicare program.
The bond penalty will be fixed at $50,000 for each Competitive Bidding Area (CBA) in which a bidding entity submits a bid. One bond is needed per CBA and will cover all product categories bid within that CBA. Premium varies and is based on credit score. This bond does not renew.
The bid window ends very soon on September 18, 2019 and we are here to help you secure the fastest approval & most competitive terms for your bond need.
Where to Upload the Bid / Bond
In order for the bidding entity to take part in the bidding process, the bond must be uploaded into Connexion, the DMEPOS Competitive Bidding Program’s secure portal, by the close of the bid window (bid window is 7/16/2019-9/18/2019).
What Does the Bond Guarantee?
The bond guarantees the competitive bidder, if at or below the pivotal bid and offered a contract, will enter into the supply contract with Medicare for the product(s) they bid. The contract period runs from January 1, 2021 to December 31, 2023.When a bidding entity is offered a contract for a product category and its composite bid for the lead item within that product category is at or below the median composite bid rate for all bidding entities within that CBA, the bidding entity must accept the contract offer.
If the bidding entity does not accept the contract offer, its bid surety bond for that CBA will be forfeited. This is a forfeiture bond – the entire $50,000 bond penalty is forfeited to the obligee if the terms of the bond are not met.