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Manufacturers, distributors, sellers, lessees, and service people involved in the durable medical equipment industry are part of a very lucrative business that is in constant demand. However, the exposure to risks is as exceptional as the line of work.
In the event a related product is found to be defective, those who supplied it may be liable for associated property damage, bodily injury, or death…
Durable Medical Equipment Manufacturer Insurance
The risk exposure of each piece of equipment that is manufactured is determined in relation to its type and use. It is necessary to design specific types of equipment in very sterile circumstances.
Some equipment is designed to support life and some is used in the hospital operating room.
Insurance companies classify various durable medical equipment into three separate groups:
– For diagnosis
– For therapy
– For tracking purposes
Durable Medical Equipment Dealer Insurance
Distributors are involved in aspects of selling or renting products such as:
– Wheelchair
– Oxygen apparatus
– Respiratory machinery
– Therapy devices
– Orthopedic equipment
Clearly, the rental of the equipment is much more problematic than the sale. This is due to the following reality:
– Equipment rental leads to less preventative care and attention to manufacturer’s instructions.
– The rental of equipment can lead to lawsuits for breakage or malfunction and its consequent negative effects on already physically weak patients.
Bond news for durable medical equipment provider
Durable medical supply dealers are subject to federal bond requirements. To obtain Medicare reimbursement, durable medical equipment suppliers, as well as those who deal in prosthetics, orthotics and supplies, must purchase a $50,000 bond.
It is worth noting the national public tender that will take place between July 16, 2019 and September 18, 2019. Any concessionaire that has the corresponding bond may participate in the tender, after which contracts will be awarded for three years to those deemed worthy.
As of now, there are one hundred and thirty competitive areas in the United States. Each competitive bonus area requires 1 bonus offer. This applies to a vendor bidding on all sixteen of the different featured products as well. If there are multiple bidders for the same bonus area product, there is still eligibility. For example, if there are five or more bidders for the same product, at least five contracts will be submitted. If there are fewer than five bidders, at least two contracts will be submitted.
An experienced independent agency can assist with the acquisition of this and other commercial bonds.