CMS-588 - Medicare EFT Form - How To Fill in 2022

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Get your medicare reimbursements right in your bank account. How to do
that? Here is step by step easy guide on how to fill your medicare CMS 588
form.
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   
Table of Contents 
1. CMS-588: What You should know?

2. What is CMS 588 EFT Form?
3. Why a physician needs it?
4. How to fill this form?
5. 1. Reason for Submission
6. 2. Account Holder Information
7. 3. Financial Institution Information:
8. Important Note:
9. 4. Contact Person:
10. 5. Authorisation:
11. What is the next step after filling this form?
12. Conclusion:
CMS-588: What You should know?

CMS 588 is a Medicare form used for setting up direct deposit instructions
for Medicare reimbursements for providers
(https://rxcredentialing.com/medical-billing-services-for-small-
practices/) in lieu of services
opt-out they offer
if you wish. Cookietosettings
Medicare ACCEPT
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 (https://www.cms.gov/Medicare/CMS-

Forms/CMS-Forms/CMS-Forms-Items/CMS006198) 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 (https://rxcredentialing.com/how-to-complete-cms-855i-
2022/). 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

(https://rxcredentialing.com/insurance-credentialing-service/).
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
(https://rxcredentialing.com/starting-your-own-telemedicine-
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.
1. Voided check
2. 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
opt-out EFTCookie
if you wish. authorization
settings form for each Medicare
ACCEPT
contractor to whom you submit claims for Medicare payment.
Here is the link to find mailing Address for your Medicare Administrative
(https://www.cms.gov/Medicare/Provider-Enrollment-and-
Certification/MedicareProviderSupEnroll/Downloads/contact_list.pdf)
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
(mailto:support@rexcredentialing.com).
One of our medical practice management consultant

(https://rxcredentialing.com/) will get in touch. We don’t charge for advice.
Lastly thank you very much for reading this article.
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Share This Post

1. CMS-588: What You should know?

CMS-588: What You should know?

Lastly Download CMS 588 form (https://www.cms.gov/Medicare/CMS-

What is CMS 588 EFT Form?

Medicare has made this electronic fund transfer mechanism mandatory

CMS 588 EFT form is an Electronic Fund Transfer Authorization

In simple words, Medicare loves to transfer reimbursements for medical

You can visit our detailed guide on Medicare provider enrollment

Why a physician needs it?

You may need it in three scenarios.

For New provider enrollments

How to fill this form?

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

Below given information will definitely help you decide better.

3. Financial Institution Information:

What is the next step after filling this form?

One of our medical practice management consultant

Lastly thank you very much for reading this article.

Provider Enrollment – How To Complete Medicare CMS 855i In

November 17, 2021

Start Your Private Practice As A Physician Assistant

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