What is the CMS-588 form?
What is the CMS-588 form?
What is the CMS-588 form?
Per 42 CFR 424.510(e)(1), providers and suppliers are required to receive electronic funds transfer (EFT) at the time of enrollment, revalidation, change of Medicare contractors or submission of an enrollment change request; and (2) submit the CMS-588 form to receive Medicare payment via electronic funds transfer.
What is an EFT request form?
Electronic Funds Transfer (EFT) Request Form. Electronic Funds Transfer (EFT) is a convenient way for your company to make payments and decrease resources needed to create, process, and mail out multiple cheque payments.
Does Medicare require EFT?
A: All providers enrolling in Medicare must use electronic funds transfer (EFT) in order to receive payments. Moreover, any provider not currently on EFT that submits a revalidation application must also submit a Form CMS-588 and thereafter receive payments via EFT.
What is Medicare EFT?
With Electronic Funds Transfer (EFT), Medicare can send payments directly to a provider’s financial institution whether claims are filed electronically or on paper. All Medicare providers may apply for EFT. Easier reconciliation of payments with bank statements.
What is an example of an EFT?
Examples of common electronic funds transfer transactions include the following: Automatic teller machines (ATM) Direct deposit payroll systems. Direct payments between buyer-seller businesses.
Where do I send my CMS 588?
Submit the most current CMS-588 EFT Form….CMS-588 EFT Form Instructions and Helpful Hints.
| Regular Mail | Overnight Mail |
|---|---|
| WPS Government Health Administrators Provider Enrollment P.O Box 8248 Madison, WI 53708-8248 | WPS Government Health Administrators Provider Enrollment 1717 W. Broadway Madison, WI 53713 |
Where do I send my CMS Form 588?
CMS-588 EFT Form Instructions and Helpful Hints
| Regular Mail | Overnight Mail |
|---|---|
| WPS Government Health Administrators Provider Enrollment P.O Box 8248 Madison, WI 53708-8248 | WPS Government Health Administrators Provider Enrollment 1717 W. Broadway Madison, WI 53713 |
Where do I send my CMS form 588?
What are the types of EFT?
Types of EFT payments
- Credit and debit cards. Every time you use a credit or debit card, you’re making an EFT payment.
- ATMs. Using an ATM is a form of electronic funds transfer, even though you receive cash in your hand.
- Wire transfers.
- Direct deposit/bank transfer.
- Online payment systems.
How does an EFT work?
EFT payments need two parties to make them work: a sender and a receiver. When the sender commits to sending funds to the receiver, that payment goes out through the appropriate payment network and moves money from the sender’s account to the receiver’s account.
Where do I send my Medicare EFT form?
What are the disadvantages of EFT?
List of the Disadvantages of Electronic Funds Transfers
- Customers need to have the funds available immediately.
- You won’t receive a copy of the canceled check.
- It creates purchasing opportunities around the clock.
- Payments can still “bounce” when using an EFT.