Q&A: Medicare deposits

Q: Medicare now is telling doctors to update their electronic funds transfer information. If I don't feel comfortable providing my bank account number to the government so that it can deposit and withdraw funds related to reimbursement, can I still participate in Medicare?

A: The Centers for Medicare and Medicaid Services will not pay a provider except electronically so requires the ability to deposit-and withdraw, in the event of overpayment funds from that account. Many practices set up a separate account for Medicare purposes, with a "sweep" into their regular checking account.

The answer to the reader's question was provided by Medical Economics consultant Virginia Martin, CPC, CHBC, president, Healthcare Consulting Associates of NW Ohio Inc. Send your practice management questions to [email protected]
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