Last Modified: 11/16/2020
Location: FL, PR, USVI
Business: Part A, Part B
Q: If I already receive my Medicare payments electronically, do I have to submit a new electronic funds transfer (EFT) agreement (CMS-588) when I revalidate? What if I receive paper-based payments from Medicare (i.e., checks)?
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.
If you have submitted a new Electronic Funds Transfer (EFT) Authorization Form (CMS-588) after May, 2010, then you have the most recent version of the EFT form on file and a new EFT form is not required. If you have not submitted the 05/10, 09/13, or 01/17 version of the EFT form, then you must submit one with your revalidation application.
If you are submitting a paper application, the most current version of the CMS-588 (01/17)
can be found on the Centers for Medicare & Medicaid Services (CMS) website.
If you are submitting your revalidation application online via internet-based PECOS, the system includes a section for EFT and the separate form, CMS-588, is not necessary.
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