CMS-588: What You should know?
CMS 588 is a Medicare form used for setting up direct deposit instructions for Medicare reimbursements for providers in lieu of services they offer to Medicare beneficiaries.
I have compiled all the necessary information you may need in order setup direct deposit instructions for your medical practice.
Do use table of contents as it will help you save time and you can happily scroll down to particular section of your interest.
Lastly Download CMS 588 form as this will give you a clear idea how this form looks and what fields you would need to populate.
What is CMS 588 EFT Form?
This is a form which is being filled up by the healthcare providers who wish to receive their reimbursements electronically for the services they render to Medicare beneficiaries.
Medicare has made this electronic fund transfer mechanism mandatory for all the medical providers.
CMS 588 EFT form is an Electronic Fund Transfer Authorization agreement between Medical Provider and Medicare.
In simple words, Medicare loves to transfer reimbursements for medical providers electronically, therefore to execute this idea, Medicare requires all the healthcare physicians as well as non-physicians to fill CMS 588 EFT form.
You can visit our detailed guide on Medicare provider enrollment application. If you have not yet enrolled.
Why a physician needs it?
CMS 588 makes life easier for both Medicare as well as healthcare physician & non physicians.
The reason for this is that it will save time spent on check writing, posting, and collection by provider and depositing it to provider’s bank. It’s quite safe and quick as well.
You may need it in three scenarios.
- For New provider enrollments.
- You are already enrolled with Medicare but you were not using EFT earlier and now you have decided to take advantage of this facility, there now you would have fill this form in order to get direct deposits from Medicare. However now it is mandatory which means that if you don’t have direct deposit settings in place then you will get payments.
- You want make any changes in your existing EFT settings such as you may want to change you bank or account number or any other information which is provided on CMS 588 for the medical practice you work.
How to fill this form?
CMS 588 EFT is a quite simple form. Read the instructions given on the form carefully. CMS has provided all the required information, you need in order to fill this form with ease.
The instructions given on the form by the CMS are very simple and it makes life very easy.
Let’s dive into more details on how to fill this form correctly.
1. Reason for Submission
Still not sure? Here are further Instructions to fill part 1:
2. Account Holder Information
This portion seeks information regarding name and address of the account holder. This information should be exactly same as you provided while filling you credentialing application.
At the bottom of this part you need to mention your Medicare identification number assigned by Medicare Administrative Contractor (MAC).
The form has given 3 fields as one NPI can be affiliated with multiple Medicare identification numbers.
Below given information will definitely help you decide better.
3. Financial Institution Information:
Third part asks for the information regarding your bank & account information such as bank address, account number, bank routing number etc.
Important Note:
In order to confirm you banking details you need to produce a supporting document. Which could be either one of following.
- Voided check
- A letter from bank confirming all your banking details. This letter must have name & signature of relevant bank officer.
4. Contact Person:
In this section you need to provide contact person’s details, this comes into action if Medicare has any question or they need further assistance while reviewing your CMS 588 EFT Authorization agreement.
5. Authorisation:
Lastly you will sign CMS 588 after reading below information.
What is the next step after filling this form?
You need to send this form to the Medicare contractor that services your geographical area.
You need to submit a separate EFT authorization form for each Medicare contractor to whom you submit claims for Medicare payment.
Here is the link to find mailing Address for your Medicare Administrative Contractor.
Conclusion:
We have tried our best to explain CMS 588 EFT form in best possible way. If you still have a question. Please do write us your question. We have given the contact form below. We will try to get back as soon as possible at No cost to you.
Setting up direct deposit instructions will save a big amount of time. It will bring ease to you in many ways.
You can also write us an email at support@rxcredentialing.com.
One of our medical practice management consultant will get in touch. We don’t charge for advice.
Lastly thank you very much for reading this article.
