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Most Common Errors on the CMS 588 (EFT Agreement)
- Part I
-
- The box is not checked to indicate that payments are going to the
home office.
- Part II
-
- The legal business name does not match that in Section 2B1 of the
855A.
- The name on the bank account does not match the name in Section 2B1
or 4A of the 855A.
- The NPI does not match that for the facility.
- The TIN does not match the one in Section 2B1 of the 855A or 7C if
the payments are going to the home office.
- Part III
-
- Bank account and/or routing numbers reported to do not match those
on the supporting documentation.
- Part IV
-
- The name and signature is not that of the authorized or delegated
official reported in Section 15 or 16 of the 855A.
- Missing Documentation
-
- No statement from the bank indicating that they waive the right to
offset Medicare receivables to satisfy loans or secure lines of credit.
- No statement from the provider on their letterhead authorizing payments
to be sent to the home office.
