Sen. Schumer pushes for faster Medicare payments

BUFFALO, N.Y. Democratic New York Sen. Charles Schumer has sponsored a bill called the Pharmacy Access Improvement Act, which would force Medicare insurers to pay prescription claims more promptly, according to published reports.

Pharmacies, which must pay wholesalers bi-weekly for medications provided to customers covered under Medicare Part D, often wait up to eight weeks for reimbursement from private and government benefit managers.

“Pharmacists shell out the money for the medicine and for weeks they don’t get paid back,” said Schumer. “Eight weeks may not seem like a lot of time. It’s certainly no sweat for the huge chains who make millions and millions of dollars a day. But, for the local pharmacist, lack of timely payments [hurts].”

Under the act, electronically filed pharmacy claims would require reimbursement within 14 days. Paper claims would require payment within 30 days. Late payments would incur interest, payable to the pharmacy.