Pharmacy Access Improvement (PhAIm) Act of 2007

Pharmacy Access Improvement (PhAIm) Act of 2007 - Amends part D (Voluntary Prescription Drug Benefit Program ) of title XVIII (Medicare) of the Social Security Act (SSA) with respect to participating pharmacies and standards for access to them. Requires that such standards ensure that enrollees residing in long-term care facilities have access to a long-term care network pharmacy.

Requires prompt payment of clean claims to pharmacies by prescription drug plans (PDPs) and Medicare Advantage prescription drug plans (MA-PD Plans). Defines prompt payment as payment occurring within 14 days from submission for claims submitted electronically, and within 30 days for claims submitted otherwise. Requires payment of interest if a payment is not issued, mailed, or otherwise transmitted within the applicable number of calendar days.

Directs the Secretary of Health and Human Services to establish a 24-hour toll-free telephone number dedicated to providing Medicare prescription drug benefit information to pharmacists and pharmacy staff.

Requires PDP sponsors to establish toll-free pharmacy and physician and provider hotlines.

Prohibits a Medicare prescription drug card issued by a PDP sponsor from displaying the name, brand, logo, or trademark (co-branding) of any pharmacy.

Provides for submission of claims by pharmacies located in or contracting with long-term care facilities.

Requires the Inspector General of the Department of Health and Human Services to analyze and report to the Secretary on the cost of dispensing covered part D drugs under a PDP or an MA-PD plan.

Provides that, if the PDP sponsor uses a standard for reimbursement of pharmacies based on the cost of a drug, each contract entered into with such sponsor with respect to the plan shall require the sponsor to update the standard at least once every seven days.