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Physician Regulatory Issues Team (PRIT)

Past PRIT Issues

  Details for Electronic Funds Transfer
  

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Issue Name Electronic Funds Transfer
Issue CMS policy concerning the new 855 form released in April 2006 requires that providers and suppliers initially enrolling in the Medicare program, and providers and suppliers submitting a CMS-855 change request who are not currently receiving payments via EFT begin to receive Medicare payments by EFT rather than paper check.
Status See below.
Date Issue Created 05/25/2006

Providers have expressed concerns regarding a perceived lack of banks capable of receiving EFT in rural areas and the administrative complexity of implementation by larger groups.

May 8: In response to concerns about a short lead time on this policy, CMS will allow providers submitting the previous version of the 855 form to opt out of EFT as long as their completed application is submitted by June 2nd. The EFT requirement is being imposed because of federal law found in Title 31 of the US Code (31USC3332) which says in part "(f)(1) Notwithstanding any other provision of law (including subsections (a) through (e) of this section and sections 5120(a) and (d) of title 38), except as provided in paragraph (2) all Federal payments made after January 1, 1999, shall be made by electronic funds transfer"

The PRIT is very interested in hearing from providers who are having trouble implementing EFT.


 
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Last Modified Date : 08/30/2006
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