ALBANY (AP) - Independent pharmacists say they have to wait months for payments from the fledgling federal Medicare Part D prescription drug coverage program, leaving them short of cash and threatening their businesses.

Pharmacist David Redden said he recently borrowed money to ease cash flow pressures at Home Town Drugs, a locally owned pharmacy in the heart of downtown Sweet Home.

Redden, like many other independent pharmacists across the nation, has had to wait months on payments from insurers participating in the Medicare Part D program.

Nationally, many other pharmacy owners also report they have suffered financially under the new program.

In addition to the delay in reimbursement, payments are sometimes below the actual cost of medications, Redden said. Medicare Part D-approved payments on some medications are just $2 or $3, far below his actual cost, he said.

“I got drilled by it,” Redden said. “The program went into effect Jan. 1 and we didn't get some of our money until April.”

As a result, “I've been carrying the government for months,” he said, adding that he borrowed $60,000 to pay his bills on time.

Drug companies have also been affected, but they are trying to help pharmacists, Redden said.

He said when he needs to bring in another pharmacist to cover his days off, it costs $70 per hour. After nearly four decades, Redden is taking fewer days off and working more than he really wants to ease some of the cash-flow problems created by the government.

For example, he said a drug may cost the pharmacy $300 for 100 pills. But payment may be approved for only a 30-day supply.

“So, I've got to open a bottle and sit on the other 70 pills that may not be used again,” Redden said. “I'm lucky because I've been in the business since 1969. I'm not making payments on the business. It would be especially hard on someone new.”

Pharmacies can easily carry $100,000 to $200,000 worth of inventory, Redden said.

In nearby Lebanon, Mel Neufeld has owned the Pill Box for 28 years. He agreed with Redden that cash flow has been a “huge issue” and predicts some small, independent pharmacies may not survive.

The Pill Box is part of a five-store privately held group that Neufeld said helped insulate him from some of the Medicare Part D issues.

“It really created a lot of extra paperwork for us,” Neufeld said. “It confused patients. The program is good, but it could have been set up a whole lot better.”

Redden said he still believes the program will be beneficial to elderly people. But he said legislation to require reimbursement to pharmacies in a timely manner will be needed to prevent the loss of pharmacies throughout the country.

“It's been among the most difficult things I've had to deal with in all my time in the business,” Redden said. “There have been some customers we just couldn't help.”