Are druggists sick of Medicare?
Paper says a Texas group asks the White House for improved payment from the prescription drug plan.

NEW YORK (CNNMoney.com) - A group of Texas pharmacists are lobbying the White House over Medicare's prescription drug program, saying they are not getting paid enough money, according to a report Monday.

The pharmacists, all independent operators from Texas with close ties to either President Bush or his senior advisor Karl Rove, say they have given away million of dollars of free medicines for which Medicare should have paid, according to the New York Times.

"If pharmacists don't receive immediate relief, some will go broke," Bill Pittman, a former president of the Texas State Board of Pharmacy who is chairman of Pharmacists for Bush, a political fund-raising group, was quoted by the Times as saying he told Rove. "Others are hurting so bad that they will choose not to participate in Medicare and Medicaid."

While those meeting with Bush were from independent Texas pharmacies, their concerns are said to be shared by the large pharmacy chains nationwide, the article said.

The pharmacists said Medicare typically takes up to 30 days to pay its bills, as opposed to a week or 10 days for Medicaid or private health insurers, according to the Times.

They suggested requiring Medicare to pay up in a week or ten days by electronic transfer and introducing financial incentives for pharmacies to dispense cheaper generic drugs, the article said.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.