Electronic Funds Transfer Authorization Agreement Medicare

Electronic Funds Transfer (EFT) allows Medicare to transfer payments directly to the provider`s financial institution. The Electronic Funds Transfer (EFT) Authorization Agreement (CMS-588) form is required for: Remember: Centers for Medicare & Medicaid Services (CMS) Medicare Financial Management Manual, Pub. 100-06, Chapter 5, Section 160 C. Claims Processing Timeliness (CPT) requirement; «Payment processing, i.e. the date on which funds are reserved in the provider`s account, should not be no earlier than two working days after the transmission of electronic payment data to the home bank.» Therefore, providers should be aware that EFT transactions can take up to 48 hours to reach their bank. When checking the «Check History» (FI option) in the intermediation menu of the System Fiscal Intermediary Standard (FISS), suppliers can see a payment date two days before the actual date on which the payment reaches their financial institution. For more information on using the «Check History» query option, see the instructions in the «Chapter Three: Intermediation Menu» guide in the Tax Intermediary Standard System (FISS). Note: EFT updates should be sent to your Audit Officer (AI) for processing. If CGS pays your receivables, the AI is responsible for sending updates to CGS. For more information, see the #6 and #7 for Vendor Registration. EfT Form CMS-588 contains step-by-step instructions. If you need additional support, follow these guidelines:. .