Pharmacists have mixed reaction about the new Medicare Prescription Drug Plan. The cost of prescription will be taken care by the Government Health Insurances for seniors. This is according to the Medicare reform act.
This will result in the uninsured and a few people who buy medications from the Canadian pharmacy back top the market. There will an increase in the sales of drugs. But on the other hand the profit level of the many pharmacies will diminish greatly.
The business will be back but the cash flow and the reimbursements from the insurance companies will be affected.
In According to the present system the pharmacy received cash from Medicare recipients Because initially they did not cover medication bills except for some chemotherapeutic drugs. But now the Medicare will be paying initial cash payments which will be any amount less than $250.
There are currently 40 plans being offered in the state. The huge amount will be born by the insurance companies that come under Centers for Medicare & Medicaid Services (CMS). There are 16 insurance companies called the Pharmacy Benefit Managers (PBM).
The pharmacists are concerned that the reimbursement will be around 8 % less than the usual cost as the cost of the drugs will be determined by the insurance company.
Pharmacist will also not be availed of the benefits provided by the drug companies for filling prescriptions. All this will make matters worse for the pharmacist.
They are concerned about which plan their customers are going to prefer and only then they will know how badly they will be affected.
The insurance company will be paying by check and it will take around 2-4 weeks to be reimbursed. The pharmacist are preparing to build cash reserve in order to adjust the time of payments. This will be only during the period of decreased cash flow.
Once they get used to the system and know their profit margins then they can make arrangements accordingly.