Abstract
Purpose
To define the financial impact of a pharmacy residency program at a large academic medical center, to assess physician evaluation of pharmacy residents on patient rounds, and to describe the role of the pharmacy resident.
Methods
One pharmacy resident recorded all interventions during a 4-month period. Interventions were classified as cost-saving or cost-avoiding and were evaluated as such. The cost-savings and cost-avoidance of interventions, along with the costs of alternative weekend coverage and Medicare reimbursement, were summed to determine the financial impact of residency positions. To calculate costs associated with pharmacy residency programs, resident stipend and benefits as well as cost of preceptor teaching and preparation time were added together. Various daily activities were logged to describe the role of the pharmacy resident. To assess physician evaluation of including pharmacy resident on rounds, a short, optional survey was administered to members of the medical team.
Results
Over the 4-month study period, a total of 347 interventions were made by the pharmacy resident. The total cost-savings and cost-avoidance for interventions during the study period was $110,601. When comparing the costs and benefits of the residency program, there was a net benefit of $55,821 during the study period. Based on survey results, physician evaluation of the inclusion of pharmacy residents on rounds was positive. The resident provided pharmaceutical care to a mean of 15 patients daily, required about 1 hour of preceptor teaching time daily, and provided 7 inservices during the 4-month period.
Conclusion
Pharmacy residency programs have a positive financial impact. Pharmacy residents are thought by physicians to be helpful, and they enhance patient care when included on rounds.
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