Thoughts on this strategy for improving my MTM business?

[BenJammin]

---

Members do not see this ad.

Most of you know that I run an MTM business on the side that is contracted through my hospital. Biggest issue I have is cost of labor. I used to do all of it by myself but I'm getting more and more cases so I've been expanding workers. A pharmacist is way too expensive to hire (different story if I could get one to do more than one cmr an hour) so I've been using nurses. Even then, nurses can get pricey so I had a wild thought:

What if I had a pharmacy resident doing these cases? Residency pay is dirt cheap, I'm only committed to the employees for a year, and they come to me to work rather than the other way around. Is this feasible? MTM is a tough market. Cases are low paying and unless you've got the efficiency of a Mustang you don't really crack $50 an hour. I think getting a pharmacy resident doing this full time is an awesome idea but I'd love to get thoughts from everybody.

 

[BMBiology]

How about rotation students? 4th year so they should know something and they are free.

 

[BenJammin]

How about rotation students? 4th year so they should know something and they are free.

The issue with that is I only get a month to train them and get them in a groove. I've had P4s do them but I can't solely depend on them. I might use them to supplement my main labor.

 

[PharmDBro2017]

How about rotation students? 4th year so they should know something and they are free.

As a p3, I would enjoy getting the MTM experience (or as a P4 rotation as well).

Is MTM pay for pharmacists typically ~$50/hr? I know my pharmacists at the retail chain I work for have to do it for the company and don't get anything in return, sadly. It's just part of their job description to perform them.

 

[gwarm01]

How do you get something like this started, and what sort of time commitment is it? It sounds like a cool side gig, and I think I may have a little more free time in my schedule when I start the new job.

 

[gwarm01]

So you got it?

Yep! I start next month. It'll be an interesting year for sure.

 

[zelman]

Most of you know that I run an MTM business on the side that is contracted through my hospital. Biggest issue I have is cost of labor. I used to do all of it by myself but I'm getting more and more cases so I've been expanding workers. A pharmacist is way too expensive to hire (different story if I could get one to do more than one cmr an hour) so I've been using nurses. Even then, nurses can get pricey so I had a wild thought:

What if I had a pharmacy resident doing these cases? Residency pay is dirt cheap, I'm only committed to the employees for a year, and they come to me to work rather than the other way around. Is this feasible? MTM is a tough market. Cases are low paying and unless you've got the efficiency of a Mustang you don't really crack $50 an hour. I think getting a pharmacy resident doing this full time is an awesome idea but I'd love to get thoughts from everybody.

Do you think you could meet all the ashp requirements? Isn't getting all of that set up and managed a pretty huge time commitment?

 

[gwarm01]

What did it end up being?

I went with the informatics job. It's requiring a cross-country move and I'm walking away from good friends and a stable job, but I'm hopeful. The schedule will be a lot better, and I always said I was better with computers than patients.

 

[BMBiology]

I went with the informatics job. It's requiring a cross-country move and I'm walking away from good friends and a stable job, but I'm hopeful. The schedule will be a lot better, and I always said I was better with computers than patients.

mind if i ask what is the salary? benefits?

 

[BenJammin]

Do you think you could meet all the ashp requirements? Isn't getting all of that set up and managed a pretty huge time commitment?

I'm not sure exactly. This is more of a preliminary idea since I'd rather pay a pharmacist $15/hr than $50/hr.

 

[PharFromNormal]

Most of you know that I run an MTM business on the side that is contracted through my hospital. Biggest issue I have is cost of labor. I used to do all of it by myself but I'm getting more and more cases so I've been expanding workers. A pharmacist is way too expensive to hire (different story if I could get one to do more than one cmr an hour) so I've been using nurses. Even then, nurses can get pricey so I had a wild thought:

What if I had a pharmacy resident doing these cases? Residency pay is dirt cheap, I'm only committed to the employees for a year, and they come to me to work rather than the other way around. Is this feasible? MTM is a tough market. Cases are low paying and unless you've got the efficiency of a Mustang you don't really crack $50 an hour. I think getting a pharmacy resident doing this full time is an awesome idea but I'd love to get thoughts from everybody.

Wilder thought: you create some BenJammin MTM certificate course where they come and pay you for some duration of time and get to come to you to learn and "experience" real MTM on real patients. Our profession loves certificate programs, I see a chance to make money and solve your problems.

 

[TheBlaah]

I've had a professor do this for his own startup business about research data. Unaccredited of course. But he also had better access to candidates being a professor and all.

 

[gwarm01]

mind if i ask what is the salary? benefits?

Sure. Salary is around 110k. Employer match on retirement is 50% of employee match up to 5% of salary. Will accrue ~30 days of PTO per year. They pay and benefits don't sound great compared to some parts of the country, but for a small city in the SE it's not too bad and will be a nice bump from my previous pay. The real benefit will be the flexible scheduling, and no longer working weekends/holidays typically. Also, the cost of living is much lower in the new city, so hopefully I can save and invest much more aggressively than I am now.