News Flash Regarding Electronic Funds Transfer (EFT) for all Existing Medicare Providers

Monday, June 11, 2012

The following recent update was released by the Centers for Medicare & Medicaid Services (CMS) on May 30, 2012, updating the original from December 16, 2011:

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 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 are required to submit the CMS-588 EFT form with the Provider Enrollment Revalidation application, or at the time any change is being made to the provider enrollment record by the provider or supplier, or delegated official.

For more information about provider enrollment revalidation, click here to review the MLN Matters Special Edition Article SE1126, "Further Details on the Revalidation of Provider Enrollment Information."

For the reference source and further information, click here.

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Tag words: Medicare, Medicare audits, Medicare fraud, termination of Medicare billing privileges, Centers for Medicare & Medicaid Services (CMS), corrective action plan (CAP), request for reconsideration, physicians, medical groups, medical practices, fraud prevention, Medicare number revocation, Medicare termination, OIG special agents, Electronic Funds Transfer (EFT), Provider Enrollment Revalidation, Medicare payments

6/11/2012

Comments:

Response to: News Flash Regarding Electronic Funds Transfer (EFT) for all Existing Medicare Providers
Tuesday, November 20, 2012
Amy Miller Cohen says:

I am new to EFT and wondered how long after I receive an EOB will my electronic fund transfer take place; it has been almost a week since I got an eob and I have not received the funds yet.

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