Ford Pharmacy and Medical Supply, an independent pharmacy in Naugatuck, Conn., abruptly closed its doors this week, according to Citizen's News.
Pharmacist Thor Huntley, owner of the pharmacy, said the rising cost of operations, increased direct and indirect remuneration fees and low reimbursement rates led to the closure.
"[Insurers] have lowered how much they pay us, and they've increased the fees that they charge us," Mr. Huntley said. "The DIR fees have increased every year since I've taken over, and the reimbursements have gone down."
Mr. Huntley said he paid more than $150,000 in fees last year, compared to about $10,000 when he first took over the pharmacy 20 years ago.
He said he sold the company's pharmacy files to Rite Aid, across the street, and decided to make the sale about a month ago, but didn't tell his customers until this week.
"We couldn’t announce anything until it was actually signed and completed," Mr. Huntley told the publication. "It wasn't a done deal until, basically, when we were closing."