Part D pushing pharmacies to close?

Executive Summary

A survey of 507 community pharmacists revealed that about 33% have considered closing their businesses due to worsening cash flow situations under the Medicare Part D prescription drug benefit, the National Community Pharmacists Association says. Fifty-five percent have had to obtain outside loans or financing to supplement the pharmacy's cash flow because of slow reimbursement, the survey finds. Additionally, 89% of pharmacists say they are currently owed at least $20,000 from prescription drug plans, and 18% say they are owed at least $100,000. Rite Aid and Walgreens have embarked on a letter writing campaign encouraging independent pharmacies to sell their pharmacies rather than continue to face financial difficulties under Part D (1"The Pink Sheet" Aug. 21, 2006, p. 21)...