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Revised EFT Authorization agreement beginning January 1st 2018

Providers and suppliers must use the revised CMS-588 form (Electronic Funds Transfer Authorization Agreement) beginning January 1, 2018. The revised form will be posted on the CMS Forms List (https://go.usa.gov/xX3Sa) by early summer. Medicare Administrative Contractors will accept both the current and revised versions of the CMS-588 through December 31, 2017. Visit the Medicare Provider-Supplier Enrollment webpage for more information about Medicare enrollment and the Electronic Funds Transfer (EFT) requirements.

Changes to the form include:

New indicator shows if the EFT is for an individual or a group/organization/corporation in Parts 1 and 2 (Reason for Submission and Account Holder Information)
Now optional to list the financial institution's contact person
Four digits added to the "Provider's/Supplier's/Indirect Payment Procedure Entity's Account Number with Financial Institution," making it consistent with the industry standard

Comments

  1. Apu MridhaAugust 11, 2017 at 12:00 PM

    Hey,
    Thanks for sharing such an amazing and informative post. Really enjoyed reading it. :)

    Thank you

    Apu

    Medical Cost Containment Companies

    ReplyDelete

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