Durable Medical Equipment Industry: About Insurance and Related Bonds

81
7146

Manufacturers, distributors, sellers, tenants and technicians in the field of sustainable medical equipment are part of a very lucrative and high demand sector. Nevertheless, the exposure to risks is as exceptional as the work to be done.

In the event that an associated product is considered defective, those who supplied it may be held liable for property damage, personal injury or death associated …

Durable medical equipment manufacturer's insurance

The risk exposure for each piece of equipment manufactured is determined by its type and use. Some types of equipment must be designed under very sterile conditions.

Some equipment is designed to last and others are used in the hospital's operating room.

Insurance companies divide various sustainable medical equipment into three distinct groups:

– to diagnose

– for therapy

– for surveillance purposes

Insurance for resellers of durable medical equipment

Dealers engage in the sale or rental of products such as:

– Wheel chairs

– oxygen apparatus

– Respiratory

– Therapy devices

– orthopedic equipment

It is clear that the rental of equipment is much more problematic than the sale. This is due to the following reality:

– The rental of equipment leads to less preventive care and attention to the instructions of the manufacturer

– The rental of equipment can lead to legal proceedings because of breaks or malfunctions and their negative effects on patients already physically weak.

News on the obligations for the provider of sustainable medical equipment

Resellers of durable medical supplies are subject to the requirements of federal obligations. To obtain Medicare reimbursements, providers of durable medical equipment, as well as those working in the field of prostheses, orthotics and supplies must acquire a $ 50,000 deposit.

It should be noted that national competitive bidding will take place from July 16, 2019 to September 18, 2019. Any dealer with the appropriate bond may participate in the tender, following which three-year contracts will be awarded. will be granted to those deemed worthy.

At present, there are 130 competitive zones in the United States. Each competitive bond area requires a bid bond. This applies to a supplier who also offers on sixteen of the various products presented. If there are several bidders for the same bond product, the eligibility remains. For example, if there are five or more bidders for the same product, at least five contracts will be submitted. If there are less than five bidders, at least two contracts will be submitted.

An experienced independent organization can help you acquire this obligation and other commercial obligations.


Comments are closed.