All Medicare Provider and Supplier Payments to be made by Electronic Funds Transfer

If you are currently not set up to receive electronic deposits from Medicare a new regulation will require you to submit an electronic transfer of funds (EFT) form 588 to Medicare to continue to receive Medicare payments.  Beat the rush and complete the process now.  EFT form 588 can be downloaded at CMS.gov under the forms link.

CMS announced today:

Existing regulations at 42 CFR 424.510(e)(1)(2)  require that at the time of enrollment, enrollment change request or revalidation, providers and suppliers that expect to receive payment from Medicare for services provided must also agree to receive Medicare payments through electronic funds transfer (EFT). Section 1104 of the Affordable Care Act of 2010 (ACA) further expands Section 1862 (a) of the Social Security Act by mandating  federal payments to providers and suppliers only by electronic means.   As part of CMS’s revalidation efforts, all suppliers and providers who are not currently receiving EFT payments  will be identified, and required to submit the CMS 588 EFT form with the Provider Enrollment Revalidation application.