If you`re a healthcare provider in Florida who accepts Medicaid payments, you may have received a notification from the Agency for Health Care Administration (AHCA) about the new electronic funds transfer (EFT) requirement for Medicaid payments. The EFT requirement is aimed at streamlining the payment process while reducing administrative costs for both providers and the state.
To comply with the EFT requirement, healthcare providers in Florida must complete an electronic funds transfer authorization agreement form. This form authorizes the AHCA to deposit Medicaid payments directly into the provider`s designated bank account. Here`s what you need to know about the Florida Medicaid EFT authorization agreement:
1. Electronic Funds Transfer Authorization Agreement Form
The EFT authorization agreement form is available on the AHCA website. Providers can download and complete the form electronically or manually. The form requires you to provide basic information such as your name, address, provider type, National Provider Identifier (NPI), bank account information, and a signature.
2. Deadline for Compliance
The deadline for compliance with the EFT requirement was originally set for March 31, 2020. However, due to the COVID-19 pandemic, the AHCA extended the deadline to September 30, 2020. Providers who fail to comply with the EFT requirement may risk delayed or denied Medicaid payments.
3. Benefits of EFT
There are several benefits of participating in the EFT program, including:
– Faster payments: EFT payments are typically processed faster than traditional paper checks, resulting in faster access to funds.
– Lower administrative costs: EFT eliminates the need for providers to manually process and deposit paper checks, which can be time-consuming and costly.
– Increased security: EFT payments are more secure than paper checks, which can be lost or stolen in transit.
4. EFT Technical Assistance
If you need assistance completing the EFT authorization agreement form or have questions about the EFT requirement, the AHCA provides technical assistance through its EFT hotline. You can call the hotline at 1-800-289-7799 or email the AHCA at MedicaidEFT@ahca.myflorida.com.
In conclusion, the Florida Medicaid EFT authorization agreement is a simple yet important requirement that healthcare providers in Florida must comply with to receive Medicaid payments. If you haven`t already done so, we encourage you to download and complete the EFT authorization agreement form as soon as possible to avoid any interruption in payments.