Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Medicare is looking at installing a new program in some parts of the country called the competitive bidding program (CBP). The idea is to lower costs and create more accurate prices for certain durable medical equipment (DMEs) from suppliers.
In short, suppliers "bid" to provide certain medical equipment and supplies at a lower price than what Medicare currently pays. Medicare then uses the bid numbers to set the amount it pays for supplies - winning bids are chosen as the contract suppliers for Medicare.
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In short, suppliers "bid" to provide certain medical equipment and supplies at a lower price than what Medicare currently pays. Medicare then uses the bid numbers to set the amount it pays for supplies - winning bids are chosen as the contract suppliers for Medicare.