Electronic Funds Transfer Authorization Agreement Medicare

Medicare Part A providers can receive electronic money transfer (EFT) payments. The CMS-588 E-Money Transfer Authorization Agreement form (PDF, 83 KB) must be completed to receive EFT payments or to add, amend or terminate an existing EFT contract. If you add or amend a DEF contract, you must send form CMS-588, a pre-printed invalid cheque or a letter from the bank that includes the supplier`s name and banking information. If the payment is sent to an account held by a home office of an organization in the chain, a letter must be attached authorizing Palmetto GBA to pay to the home office account. For more details, please refer to the instructions in CMS-588. As a reminder, Centers for Medicare & Medicaid Services (CMS) Medicare Financial Management Manual, Pub. 100-06, Chapter 5, Section 160 C. Time to Process Claims (CPT) requirements; “Payment processing, i.e. the date on which funds are credited to the supplier`s account, should take place no earlier than 2 working days after the transmission of the electronic payment data to the home bank.” Therefore, suppliers should be aware that EFT transactions can take up to 48 hours to reach their bank. When checking cheque history (FI option) in the application menu of the Standard System of Tax Intermediaries (FISS), suppliers can see a payment date two days before the actual date of receipt of payment by their financial institution. For more information about using the Audit History query option, see the instructions in Chapter Three: Request Menu in the Fiscal Intermediate Standard System (fiSS) Guide.

Electronic Funds Transfer (EFT) allows Medicare to transfer payments directly to the provider`s financial institution. The Electronic Funds Transfer Authorization (EFT) Form (CMS-588) is required for: Palmetto GBA verifies efT forms to ensure that all required documents are in place and that the EFT form has been signed by the “authorized representative or delegated official”. If you have any questions about LFS, please contact the Part A Supplier Contact Centre (CCP) at 855-696-0705. Note: EFT updates must be sent to your Audit Officer (AI) for processing. When CGS pays your claims, the AI is responsible for sending updates to CGS. For more information, see Supplier Registration FAQ #6 and #7. The EFT CMS-588 form contains step-by-step instructions. For assistance, follow these guidelines: Palmetto GBA Part A Provider Enrollment, AG-331 2300 Springdale Drive, Building One Camden, SC 29020 Please send the completed CMS-588 form and required documentation to: .