Medicare Enrollment EFT Requirements
If you are completing the enrollment process with Medicare as a new organization, you will need to also complete the EFT enrollment process using form CMS-588. Medicare requires that you send in a bank letter or voided company check (with the correct address and name displayed) along with the CMS 588. We have included a bank letter template used by most of our clients when enrolling with Medicare for the first time. Remember that the bank representative must sign the letter and include their contact information. It’s also important to note that the address on file with your account number must match the location of your practice on the Medicare application. In addition to the bank letter template, we also included a link to the CMS 588 in case you wanted to review it.
Finally, you need to be sure that the ACH routing number is included on this letter. Some banks (notably BankofAmerica) has a separate routing number they use for ACH deposits. Be sure to ask your bank representative if there is an alternative bank routing number that must be used.
Medicare Bank Letter Template- Download Here
CMS-588 EFT Agreement- Download Here
Please be sure to reach out if you have any questions about this requirement or need assistance completing the Medicare enrollment process.