Value of Conducting Pharmacy Residency Training—The Organizational Perspective

Abstract

With the continuing evolution of pharmacy as a clinical profession, the need to prepare well‐trained clinicians beyond the knowledge gained from a doctor of pharmacy degree program is magnified. Such training is afforded by pharmacy residency programs, which have expanded from hospital sites to practice settings as diverse as managed care organizations and public health departments. Although the resident benefits from the intensive training program, the sponsoring institution also derives many benefits from hosting the residency. Fundamentally, residents are licensed pharmacists who provide several contributions to the organization at generally a much‐reduced direct cost. Federal funding for graduate medical education, often referred to as Medicare pass‐through funds, is a common source of support for the conduct of postgraduate year one residency programs in health system settings; other sources of funding may be found in organizational and academic outlets. Residents may be integral in expanding the revenue of an organization by serving as patient care providers, developing or enhancing services, and billing for services delivered. By virtue of the roles they can assume, residents can facilitate the redeployment of existing pharmacists to other areas, tasks, or projects, thus expanding the capabilities of the department. Increasing the capacity to conduct experiential education for pharmacy students, and the compensation for such activity, can be an additional benefit. Practice sites that conduct residency training often experience a greater degree of employee satisfaction and higher employee retention rates. Engaging in quality improvement and assessment activities, assisting in staff development, and supporting innovative approaches to care are additional activities that pharmacy residents can support. This primer from the American College of Clinical Pharmacy was developed to highlight the value an organization can realize by conducting pharmacy residency training.

Report of the 2010-2011 Professional Affairs Committee: Effective Partnerships to Implement Pharmacists’ Services in Team-Based, Patient-Centered Healthcare

“…33 Academic pharmacy can help reduce this shortfall 34,35 and the return on investment can be beneficial on humanistic, educational, and economic levels. 36 A robust effort to increase the number of Postgraduate Year 1 (PGY1) residency positions will assist in expanding and accelerating the development of patient-centered practice while also providing a more relevant experiential education experience reflecting the practice of the future. Similarly, more programs that offer specialized training through Postgraduate Year 2 (PGY2) residencies and fellowships are necessary.…”

Impact of a Residency Interest Group on Students Applying for Residency

“…1 The American Society of Health-System Pharmacists (ASHP) has a goal that 90% of new pharmacists entering the healthcare system will have completed an accredited residency by the year 2015. 2 Benefits of completing a residency include enhanced preparation for practice, additional employment opportunities, and increased exposure to a variety of practice situations.…”

Pharmacy Residencies and Dual Degrees as Complementary or Competitive Advanced Training Opportunities

“…31 The National Association of Chain Drug Store Foundation Community Pharmacy Residency Expansion Project promotes collaboration of colleges and schools of pharmacy with community pharmacy organizations to develop community pharmacy residencies.…”

“…14 In addition to these benefits, pharmacy residencies can serve as tremendous avenues for recruitment and retention of pharmacy faculty members, and residents can be influential in the development of new innovative pharmacy services. 31 …”