CMS has issued a new form to enroll your practice to receive payments via electronic funds transfer (EFT). The form is titled CMS-588 and this payment type is mandatory for all providers, in 2014, under the implementation of the Affordable Care Act (ACA). The form was changed to allow for additional information to be supplied to CMS during this credentialing process, such as a change from one National Provider Identifier (NPI) to multiple and additional address lines.
APS’ credentialing team utilized state-of-the-art credentialing software, housing this and other key documents to allow for a prompt response to any carrier requests and maintenance of credentials. This remains imperative as CMS holds the right to penalize and fine any practice, if all information is not up to date. If you have any questions about this topic, please contact your Practice Manager.
Since our seamless transition to APS one year ago, we have significantly increased our monthly collections, decreased the delay in processing claims, and less time is spent in accounts receivable.