Hospital Pharmacy - April 2018 - 100

100

Hospital Pharmacy 53(2)

Table 2. Sample Financial Itemization of MS/PGY1/PGY2 HSPA
Residency.
Financial investment
Stipend + benefits (25%)a
Master's education and
feesb
Researchc
Travel
Preceptor timed
Accreditation feese
Total
Cost avoidance
Medicare pass-through
fundsf
Grants (variable)
Drug cost reduction
Projects
Preceptingg
Staffingh
CE experiences
Total
Return on investment

Year 0

Year 1

Year 2

$0
$0

$56 250
$27 804.94

$112 500
$55 609.88

$0
$1000
$0
$1000
$2000

$100
$1000
$50 000
$1000
$136 154.94

$200
$2000
$100 000
$1000
$271 309.88

$0

$54 461.98

$54 461.98

$0
$0

$20 000
$50 000

$40 000
$100 000

$30 000
$23 040
$500
$178 001.98
$41 847.04

$60 000
$46 080
$1000
$301 541.98
$30 232.10

$0
$0
$0
$0
−$2000

Note. HSPA = health-system pharmacy administration.
a
Year 1 will only have 1 PGY1 resident; Year 2 will have 1 PGY1 and 1
PGY2 resident.
b
Calculated based on out-of-state tuition/fees of $13 902.47 per semester.
Should be adjusted to $5296.97 per semester for in-state residents.
c
Research grants will be the individual resident's responsibility, $100 is
allocated for poster preparation.
d
$20 hours per week of preceptor time needed per resident.
e
$1000 initial application fee (Year 0), with a yearly increase of $1000 in
accreditation fees.
f
Medicare reimburses for pharmacy residency programs at the total
expense calculated above times the institution's Medicare load assumed
to be 40%.
g
Fifteen hours weekly of preceptor support.
h
Staffing includes 24 hours/month on weekends and 8 hours/month on
weekdays, totaling 32 hours/month.

leaders, as well as to progress pharmacy practice at the
respective educational sites. While HSPA programs have
been well established at academic medical centers, there is
demonstrable benefit of these programs at large community
health-systems. HSPA residents provide the opportunity to
build a pipeline of high-quality leaders, provide high-level
project involvement, and produce a positive ROI to benefit
the health-system and its patients.
Declaration of Conflicting Interests
The author(s) declared no potential conflicts of interest with respect
to the research, authorship, and/or publication of this article.

Funding
The author(s) received no financial support for the research, authorship, and/or publication of this article.

References
1. White SJ. Will there be a pharmacy leadership crisis? an ASHP
Foundation Scholar-in-Residence report. Am J Health Syst
Pharm. 2005;62:845-855.
2. Granko RP, Wolfe AS, Kelley LR, Morton CS, Delgado O.
Assessing the self-development potential of a pharmacy management practitioner through self-assessment survey. Am J
Health Syst Pharm. 2015;72(2):149-157.
3. Dunn L, Becker S. 50 things to know about the hospital
industry. Becker's Hospital Review. July 23, 2013. http://
www.beckershospitalreview.com/hospital-managementadministration/50-things-to-know-about-the-hospital-industry.
html. Accessed July 6, 2017.
4. Smith KM, Sorensen T, Connor K, et al. Value of conducting
pharmacy residency training-the organizational perspective
pharmacotherapy. Pharmacother. 2010;30(12):490e-510e.
5. UNC Eshelman School of Pharmacy. The MS. Date unknown.
https://pharmacy.unc.edu/academics/the-ms/. Accessed July 6,
2017.
6. American Society of Health-System Pharmacists. American
Society of Health-System Pharmacists (ASHP) resident match
statistics. National Matching Services Inc. Date unknown.
https://www.natmatch.com/ashprmp/stats.html. Accessed July
31, 2017.
7. American Society of Health-System Pharmacists. Online
ASHP residency directory. American Society of HealthSystem Pharmacists. Date unknown. https://accred.ashp.org/
aps/pages/directory/residencyprogramsearch.aspx. Accessed
July 31, 2017.
8. Miller DE, Woller TW. Understanding reimbursement for
pharmacy residents. Am J Health Syst Pharm. 1998;55:16201623.
9. Pasek P, Stephens C. Return on investment of a pharmacy residency training program. Am J Health Syst Pharm.
2010;67:1952-1957.
10. American Society of Health-System Pharmacists. Accreditation standard for postgraduate year one (PGY1) pharmacy
residency programs. American Society of Health-System
Pharmacists. Published 2016. https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation. Accessed July 31,
2017.
11. American Society of Health-System Pharmacists. Accreditation
standard for postgraduate year two (PGY2) pharmacy residency
programs. American Society of Health-System Pharmacists.
Date unknown. https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation. Accessed July 31, 2017.

http://www.beckershospitalreview.com/hospital-management-administration/50-things-to-know-about-the-hospital-industry.html http://www.beckershospitalreview.com/hospital-management-administration/50-things-to-know-about-the-hospital-industry.html http://www.beckershospitalreview.com/hospital-management-administration/50-things-to-know-about-the-hospital-industry.html http://www.beckershospitalreview.com/hospital-management-administration/50-things-to-know-about-the-hospital-industry.html https://pharmacy.unc.edu/academics/the-ms/ https://www.natmatch.com/ashprmp/stats.html https://accred.ashp.org/aps/pages/directory/residencyprogramsearch.aspx https://accred.ashp.org/aps/pages/directory/residencyprogramsearch.aspx https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation https://www.ashp.org/professional-development/residency-information/residency-program-directors/residency-accreditation

Table of Contents for the Digital Edition of Hospital Pharmacy - April 2018