Hospital Pharmacy - April 2018 - 99
Gazda et al
99
Marketing
Several studies suggest that the cost savings from pharmacy residency programs effectively offsets the implementation cost with a return on investment (ROI) of up to 100%
in some cases.8,9 HSPA residents may have potential for the
highest ROI compared with other residents due to a guaranteed 2 years of employment as well as involvement in healthsystem-wide administrative projects. In addition to staffing,
residents help offset their expenses through health-system
improvement projects, involvement with the leadership
team, and executing medication cost-saving programs and
projects. Grants for adding a residency program, paying educational expenses, and supporting resident's research can
also be considered and help health-systems finance resident
positions. The federal government plays an important role in
offsetting implementation costs as well, as Medicare reimburses residency programs proportionally to the percentage
of Medicare patients served by the health-system through
Medicare pass-through funds in their PGY1 residency year.8
During its infancy, programs require substantial funds to
sustain the combined MS/PGY1/PGY2 HSPA residency program. It is estimated, for Cone Health's program, that the
investment for one resident per year is approximately $130
000 due to stipend, travel budget, master's education, and
preceptor time. This is in contrast to the cost avoidance
which comes due to Medicare pass-through funding in the
PGY1 year, staffing, cost reduction projects, and precepting
to pharmacy students which estimates to approximately $170
000 cost savings per year. After 2 years, the projected ROI of
Cone Health's program is approximately $30 232, which is
desirable of a residency program and attractive to the administrative personnel within the health-system.8,9 A breakdown
of these figures is provided in Table 2.
During the 2016 American Society of Health-System
Pharmacists (ASHP) Residency Matching Program, approximately 31% of potential applicants did not successfully match
to a program of their choice across all residency programs.6
There are currently 41 PGY1/PGY2 HSPA residency programs combined with a master's degree nationwide with over
50 total positions available. This is in comparison to general
PGY1 programs, which have greater than 1000 programs
nationwide.7 This leaves ample room for the addition of combined MS/PGY1/PGY2 HSPA residency programs as there is
both a need for pharmacy leaders as well as an interest among
potential applicants. The limited number of available HSPA
residency programs provides incentive to capitalize on this
unmet need and foster the growth of pharmacy leaders.
A vital component of the program's success involves attracting competitive applicants with an interest in pharmacy administration and receiving support from within the organization.
Verbal marketing is one of the primary ways in which programs
can be promoted to future residents. An ideal place to begin this
is with local schools of pharmacy and students that have rotation
experiences within your health-system. Furthermore, digital
marketing should be used via websites or social media to provide constant and easily accessible resources detailing the residency program. Positive promotion techniques highlighting the
need to cultivate the next level of leadership in the community
hospital setting and establishing an internal pipeline of administrative residents within the Cone health-system were crucial to
the initial recruitment effort. For recruitment and marketing
efforts, the Cone Health residency website was revamped to
highlight the addition of the new program, as well as the success
of existing residency programs within the health-system.
Attendance at residency showcases sponsored by local
and state pharmacy organizations as well as national meetings such as the ASHP Midyear Clinical Meeting and
Exhibition are typically required for recruitment success. For
potential applicants in the initial stages of researching residency programs, information regarding the combined MS/
PGY1/PGY2 HSPA residency can be found on the ASHP
Online Residency Directory. As a preliminary research tool,
this directory provides basic information including contact
information and special attributes of each residency program. By applying for precandidate status, the HSPA programs will automatically be included in the ASHP Directory.
Financial
Residents require a substantial yearly investment from the
health-system including a stipend-based salary, benefits, educational fees, travel expenses, and research costs. Additional
training expenses and accreditation fees must also be considered when implementing a new residency program.8 The
costs associated with implementing a HSPA residency will
ideally be offset by the cost avoidance to the health-system by
growing your residency program.9
Accreditation
After the commitment of the first resident to a newly established MS/PGY1/PGY2 HSPA residency, programs will
need to receive accreditation from the ASHP Commission on
Credentialing. The ASHP Commission on Credentialing is
the sole nationally recognized nongovernmental, nonprofit
pharmacy residency accrediting board in the United States.
Since 1962, ASHP has set the standards that each residency
program must attain and uphold.10,11
It is critical to review accreditation resources provided by
ASHP, including their accreditation "Frequently Asked
Questions" document, as well as the goals and competencies
outlined for a PGY2 in Health-System Administration. These
goals and competencies should be reviewed well before the
first HSPA candidate begins the program and instilled in the
development of rotations, longitudinal requirements, and
marketing.10,11
Conclusion
A HSPA/MS residency has become a vital program in healthsystems to create a sustainable pipeline of innovative
Table of Contents for the Digital Edition of Hospital Pharmacy - April 2018
Ed Board
TOC
HPX
Why Is Burnout a Taboo?
Stability of 2 mg/mL Adenosine Solution in Polyvinyl Chloride and Polyolefin Infusion Bags
Glecaprevir/Pibrentasvir
New Medications in the Treatement of Acute Decompensated Heart Failure
The Prescription Drug User Fee Act: Cause for Concern?
ISMP Medication Error Report Analysis
ISMP Adverse Drug Reactions
Development and Implementation of a Combined Master of Science and PGY1/PGY2 Health-System Pharmacy Administration Residency Program at a Large Community Teaching Hospital
Breadth of Statistical Training Among Pharmacy Residency Programs Across the United States
Antihypertensive Prescription Pattern and Compliance to JNC 7 and JNC 8 at Tertiary Care Government Hospital, Hyderabad, India: A Cross-sectional Retrospective Study
Changes in Pharmacy Residency Training Design Between 2012 and 2017: A Perspective of Academic Medical Centers
Incidence of Hypoglycemia in Burn Patients: A Focus for Process Improvement
Physical Compatibility of Micafungin With Sodium Bicarbonate Hydration Fluids Commonly Used With High-Dose Methotrexate Chemotherapy
Hospital Pharmacy - April 2018 - Cover1
Hospital Pharmacy - April 2018 - Cover2
Hospital Pharmacy - April 2018 - Ed Board
Hospital Pharmacy - April 2018 - TOC
Hospital Pharmacy - April 2018 - HPX
Hospital Pharmacy - April 2018 - Why Is Burnout a Taboo?
Hospital Pharmacy - April 2018 - Stability of 2 mg/mL Adenosine Solution in Polyvinyl Chloride and Polyolefin Infusion Bags
Hospital Pharmacy - April 2018 - 74
Hospital Pharmacy - April 2018 - Glecaprevir/Pibrentasvir
Hospital Pharmacy - April 2018 - 76
Hospital Pharmacy - April 2018 - 77
Hospital Pharmacy - April 2018 - 78
Hospital Pharmacy - April 2018 - 79
Hospital Pharmacy - April 2018 - 80
Hospital Pharmacy - April 2018 - 81
Hospital Pharmacy - April 2018 - 82
Hospital Pharmacy - April 2018 - 83
Hospital Pharmacy - April 2018 - 84
Hospital Pharmacy - April 2018 - New Medications in the Treatement of Acute Decompensated Heart Failure
Hospital Pharmacy - April 2018 - 86
Hospital Pharmacy - April 2018 - 87
Hospital Pharmacy - April 2018 - The Prescription Drug User Fee Act: Cause for Concern?
Hospital Pharmacy - April 2018 - 89
Hospital Pharmacy - April 2018 - ISMP Medication Error Report Analysis
Hospital Pharmacy - April 2018 - 91
Hospital Pharmacy - April 2018 - 92
Hospital Pharmacy - April 2018 - ISMP Adverse Drug Reactions
Hospital Pharmacy - April 2018 - 94
Hospital Pharmacy - April 2018 - 95
Hospital Pharmacy - April 2018 - Development and Implementation of a Combined Master of Science and PGY1/PGY2 Health-System Pharmacy Administration Residency Program at a Large Community Teaching Hospital
Hospital Pharmacy - April 2018 - 97
Hospital Pharmacy - April 2018 - 98
Hospital Pharmacy - April 2018 - 99
Hospital Pharmacy - April 2018 - 100
Hospital Pharmacy - April 2018 - Breadth of Statistical Training Among Pharmacy Residency Programs Across the United States
Hospital Pharmacy - April 2018 - 102
Hospital Pharmacy - April 2018 - 103
Hospital Pharmacy - April 2018 - 104
Hospital Pharmacy - April 2018 - 105
Hospital Pharmacy - April 2018 - 106
Hospital Pharmacy - April 2018 - Antihypertensive Prescription Pattern and Compliance to JNC 7 and JNC 8 at Tertiary Care Government Hospital, Hyderabad, India: A Cross-sectional Retrospective Study
Hospital Pharmacy - April 2018 - 108
Hospital Pharmacy - April 2018 - 109
Hospital Pharmacy - April 2018 - 110
Hospital Pharmacy - April 2018 - 111
Hospital Pharmacy - April 2018 - 112
Hospital Pharmacy - April 2018 - Changes in Pharmacy Residency Training Design Between 2012 and 2017: A Perspective of Academic Medical Centers
Hospital Pharmacy - April 2018 - 114
Hospital Pharmacy - April 2018 - 115
Hospital Pharmacy - April 2018 - 116
Hospital Pharmacy - April 2018 - 117
Hospital Pharmacy - April 2018 - 118
Hospital Pharmacy - April 2018 - 119
Hospital Pharmacy - April 2018 - 120
Hospital Pharmacy - April 2018 - Incidence of Hypoglycemia in Burn Patients: A Focus for Process Improvement
Hospital Pharmacy - April 2018 - 122
Hospital Pharmacy - April 2018 - 123
Hospital Pharmacy - April 2018 - 124
Hospital Pharmacy - April 2018 - Physical Compatibility of Micafungin With Sodium Bicarbonate Hydration Fluids Commonly Used With High-Dose Methotrexate Chemotherapy
Hospital Pharmacy - April 2018 - 126
Hospital Pharmacy - April 2018 - 127
Hospital Pharmacy - April 2018 - 128
Hospital Pharmacy - April 2018 - Cover3
Hospital Pharmacy - April 2018 - Cover4
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_december2020
https://www.nxtbook.com/nxtbooks/sage/psychologicalscience_demo
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_october2020
https://www.nxtbook.com/nxtbooks/sage/fai_202009
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_august2020
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_june2020
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_april2020
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_february2020
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_december2019
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_october2019
https://www.nxtbook.com/nxtbooks/sage/fai_201909
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_july2019
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_june2019
https://www.nxtbook.com/nxtbooks/sage/canadianpharmacistsjournal_05062019
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_april2019
https://www.nxtbook.com/nxtbooks/sage/sri_supplement_201903
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_february2019
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_december2018
https://www.nxtbook.com/nxtbooks/sage/tec_20180810
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_october2018
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_julyaugust2018
https://www.nxtbook.com/nxtbooks/sage/fai_201807
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_june2018
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_april2018
https://www.nxtbook.com/nxtbooks/sage/sri_supplement_201803
https://www.nxtbook.com/nxtbooks/sage/slas_discovery_201712
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_february2018
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_december2017
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_november2017
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_october2017
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_september2017
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_julyaugust2017
https://www.nxtbook.com/nxtbooks/sage/fai_supplement_201709
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_june2017
https://www.nxtbook.com/nxtbooks/sage/hospitalpharmacy_may2017
https://www.nxtbook.com/nxtbooks/sage/fai_201706
https://www.nxtbook.com/nxtbooks/sage/fai_201607
https://www.nxtbookmedia.com