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Printed Date: 9/22/2015
Medicare regulations require payments be received through electronic funds transfer (EFT) for providers newly enrolled in the Railroad Medicare program or providers making changes to their existing enrollment records.
EFT allows a financial institution to deposit Railroad Medicare payments directly into a designated account. There is no charge by Railroad Medicare for this service, and EFT deposits will appear on bank statements. With EFT, you prevent the possibility of checks being lost or delayed in the mail and eliminate the need for staff to prepare daily bank deposits. Providers will continue to receive the standard provider remittance notices (SPRs) unless they elect to receive electronic remittance advices (ERAs).
When you enroll with Railroad Medicare or are making an update to your existing record with Railroad Medicare, we will use the information from your CMS-588 form on file with your local Part B carrier or Medicare Administrative Contractor (MAC). You will receive a notification with the effective date of the EFT payments from Railroad Medicare. Once you have been established to receive funds EFT, you are no longer eligible to receive your Railroad Medicare payments via paper checks.
Questions regarding EFT should be referred to RRBEFT.ADMIN@palmettogba.com. For more information, see our EFT FAQs.
Resource: Medicare Claims Processing Manual (Pub. 100-04, Chapter 24, Section 60.5.3)
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Last Updated: 12/19/2019
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