Form CMS-588 Electronic Funds Transfer (EFT) Authorization Agreement: A Comprehensive Guide
If you are a healthcare provider who receives payment from Medicare, you may be aware that the Centers for Medicare & Medicaid Services (CMS) is encouraging providers to use electronic funds transfer (EFT) for payment transactions. EFT is a secure and convenient way to receive payment directly into your bank account, without the need for paper checks. In order to use EFT, you will need to complete Form CMS-588 Electronic Funds Transfer (EFT) Authorization Agreement. This article aims to provide a comprehensive guide on how to complete the form.
1. Understanding Form CMS-588
Form CMS-588 is a form provided by CMS for the purpose of establishing an EFT arrangement with Medicare. By completing the form, you are authorizing Medicare to deposit payments directly into your designated financial institution account. The form is available for download from the CMS website and can be completed online or by hand.
2. Required Information
The form requires the following information:
– Provider Information: Your name, National Provider Identifier (NPI), mailing address, and telephone number.
– Financial Institution Information: The name and address of your financial institution, routing number, and account number.
– Medicare Information: Your Medicare provider number, the Medicare contractor to which you submit claims, and the electronic data interchange (EDI) number assigned to you by the contractor.
– Authorized Representative: If you are designating someone else to act as your authorized representative for EFT purposes, you will need to provide their name and contact information, along with a signed and dated authorization letter.
3. Electronic Signature
If you complete the form online, you will be asked to provide your electronic signature. If you complete the form by hand, you will need to sign and date the form before submitting it to CMS.
Once you have completed the form, you can submit it to your Medicare contractor via mail or fax. It is important to note that CMS strongly recommends that you submit the form electronically, either through the Medicare Administrative Contractor (MAC) portal or through the Provider Enrollment, Chain, and Ownership System (PECOS).
After you submit the form, your Medicare contractor will verify the information provided and set up the EFT arrangement. You will receive a confirmation notice once the arrangement is established.
If any of the information provided on the form changes (such as your financial institution or authorized representative), you will need to submit an updated form to your Medicare contractor.
In conclusion, the Form CMS-588 Electronic Funds Transfer (EFT) Authorization Agreement is a necessary step for healthcare providers who wish to receive payment from Medicare via EFT. By completing the form, providers can enjoy the benefits of a secure, fast, and convenient payment process. Providers should ensure that they provide accurate and up-to-date information, and should submit the form electronically for a smoother and more efficient process.