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Manufacturers, distributors, vendors, lessees and service personnel involved in the durable medical equipment industry are part of a very lucrative business that is in constant demand. However, exposure to hazards is only as rare as the line of work.
In the event that 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. Specific types of equipment need to be manufactured under very sterile circumstances.
Some equipment is designed to sustain life and some are used in the hospital operating room.
Insurance companies classify the various durable medical equipment into three separate groups:
– To diagnose
– For therapy
– For tracking purposes
Durable Medical Equipment Dealer Insurance
Distributors are involved in the sale or rental aspects of products such as:
– 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 entails less preventive care and less attention to manufacturer’s instructions.
– Equipment rental can lead to lawsuits for breakage or malfunction and its consequent negative effects on patients who are already physically weak.
Bond News for Durable Medical Equipment Supplier
Durable medical supply distributors are subject to federal bond requirements. To obtain Medicare reimbursements, suppliers of durable medical equipment, as well as those who deal with prosthetics, braces, and supplies, must purchase a $ 50,000 bond.
It is worth highlighting the competitive tender at the national level that will take place between July 16, 2019 and September 18, 2019. Any concessionaire that has the corresponding bond can participate in the tender, after which three contracts will be awarded. years those considered worthy.
To date, there are one hundred and thirty competitive areas in the United States. Each competitive bonus area needs 1 offer bonus. This applies to a supplier that also bids for all sixteen of the different products presented. If there are multiple bidders for the same surety 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 help with the acquisition of this and other commercial bonds.