With Electronic Funds Transfer (EFT), Medicare can transfer the payment directly to the provider`s financial institution. The Electronic Funds Transfer (EFT) Authorization Agreement (CMS-588) form is required for: As a reminder: Medicare Centers – Medicaid Services (CMS) Medicare Financial Management Manual, Pub. 100-06, Chapter 5, Section 160 C. Claims Processing Timeliness (CPT) Requirement “Payment settlement, the date on which funds are reserved in the supplier`s account, must not be established until two business days after electronic payment data is transmitted to the original bank.” Therefore, suppliers should be aware that EFT transactions can take up to 48 hours to reach their bank. By checking the “Check History” of the Standard Intermediare Tax System (FISS) Inquiry Menu, suppliers can see a payment date two days earlier than the actual payment date reached their financial institution. For more information on using the “Check History” query option, see the instructions in Chapter 3: Request Menu in the FISS (Standard Tax Intermediation System) query option. Note: EFT updates should be sent to your audit agent (AI) for processing. If CGS pays your receivables, the AI is responsible for sending updates to CGS. For more information, see the frequently asked questions #6 and #7 of the supplier. The EFT CMS-588 form contains step-by-step instructions.
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