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Pharmacy Residency Podcast

May 20, 2018

I go over the weekly blogs, podcasts and videos and news I've found helpful. 

Check out my new book Memorizing Pharmacology Mnemonics here which will be coming out as an audiobook in a few weeks:

Full Transcript:

welcome to the pharmacy leaders podcast
with your host Tony Guerra the pharmacy
leaders podcast is a member of the
pharmacy podcast network with interviews
and advice on building your professional
network brand and a purposeful second
income from students residents and
innovative professionals hey welcome to
the pharmacy leaders podcast weekend
edition I am Tony Guerra your host and
we're coming into summer and a semester
and I may slow down a little bit I have
some students coming in in the second
block but may just do one a week or
something like that I know for sure I
have one guest next week Kristine Monroe
who's the director of Cobo writing life
at Rakatan Cobo if you've not heard of
them they sell ebooks and audiobooks
they're out of Canada and at a Toronto
and it's a way to get your books and
publications out to the world
I know Amazon seems huge but the whole
global sense is much much bigger so I
look forward to talking to her or
sharing what I talked with her about
from that I I went on Kobo and you can
get a free audiobook I'm there's no
click through funnel or anything on my
website I'm just telling you I got a
free book but the book really relates to
us as pharmacists because the book I got
is called the e-myth the e-myth what was
it optometrist because there was no II
myth pharmacist and that was kind of the
closest thing I could really think of in
terms of somebody that has their own
practice what pharmacy is supposed to be
going to and I really learned a lot from
it and I'm still learning a lot from it
in that so many of us are saying oh my
gosh well you know we could have our own
practices you know once provider status
goes through but then we have so little
experience with that kind of the
finances and those kinds of things
that we really need that kind of
training and I think the e-myth is the
best book you can possibly have if
you're going to be an entrepreneur and I
was looking at these EEMA sand what he
did was that the e-myth and the e-myth
revisited sold millions and millions of
copies but then what he did was he
branched out to make niche niche
versions of each one and so there's the
e-myth attorney the e-myth accountant
the e-myth optometrist chiropractor
financial advisor landscape contractor
architect real estate brokerage
insurance store dentist nutritionist and
bookkeeper and I was like there are
three million nurses how could they not
have done the e-myth nurse or three
hundred fifty thousand four hundred
thousand pharmacist why didn't they do
one for pharmacists what do these all
have in common and what they all have in
common that we don't have is that they
can run their own show they can have
their own business they can have walk-in
you know store basically with just a
single or sole proprietor and all of
these and although they do talk about
practices with more people I think many
of our businesses if that's the way we
go with provider status is going to be
that's you know solopreneur trying to do
it on their own you know and Blair Tila
Myers got great advice great content to
help you with that Aaron Albert I know
has some content on jobs but in terms of
being able to be your own boss can be
both nightmare and heaven and the e-myth
does a really great job of making it
much more towards the heaven rather than
the nightmare because there are so many
things you don't think about when you
are there so the e-myth optometrist I it
may sound like a strange recommendation
but you can usually get it on audible or
Cobo for free if you've never had
something from them so that's the only
show I think I'm gonna have next week I
think I'm gonna chill out a little bit
I've done 105 episodes in three months
and I'm working on another new book I
mean not that memorizing pharmacology
mnemonics that's the one I'll start
my pharmacology classes in fall and the
audio book is almost done we hope to
have it done here in the next week or
two working with another pharmacist on
that so maybe we'll have a podcast
episode and he's sorry I've been a
really great guy and really really
professional and so very excited to
share that with you when it comes out
now on the mothership so Monday was
Medicare applications by the numbers
from the pharmacy compliance guide
Tuesday was successful legislative
efforts of medical Kim cannabis the
medical podcast but what I want to talk
about and because I was the host of the
pharmacy future leaders for I don't know
I want to say it was a probably a year
and a half I should go back and look and
see how many episodes I did I want to
say 75 I'm not sure if that's the case
maybe it was 50 or something like that
but I did a lot and now Nova
Southeastern has taken it over so I'm
sure that Scott and I've heard his
pronounced pronounced two ways Kelson
and telson so gelsin on Hilary's podcast
and I'll talk about that later but I
want to talk a little bit about what so
it was Haley Ward
Joanne PI Oh Jamie Quaker and Louis
Urbino Urbina talked about appease and
then part two well appease and community
pharmacy and then part two is going to
be appease in hospital pharmacy so I
definitely recommend that you check it
out but what I want to talk about is
when they start talking about preceptors
so the first thing I kind of wanted to
say about preceptors is normally when
you have somebody you know teach you or
guide you or something like that you pay
them and then they you know provide
whatever service it is whatever teaching
it is so you know I've gone to
masterminds that were like $200 for like
three days or I've gone to one that was
like gosh five thousand for a week you
know and I know they they can get more
and more expensive though I think five
thousand tends to be the upper limit on
most of them but when you talk about
preceptors and
if P preceptors I'm not an MP preceptor
those shadowing zai I can't do those
what we do that there's no way for you
to really you would just sit in a
classroom watching me teach instead of
the way that you know somebody that
maybe has a clinical practice does it
but I don't know I think shadowing and
retail is just kind of weird like okay
after the first 15 minutes if you're
seeing somebody verified they're
verifying the whole time but they talk
about what to do if you don't get along
with the preceptor and what I wanted to
kind of make sure you guys remember or
address is that I understand you're
paying and so I you have to kind of
figure out the tuition and divide by
eight I think most schools have like
eight AP PE s so now I'm kind of
switching over to the AP PE but if
you're paying $40,000 and that's like
around what private schools are you're
paying $5,000 per ap PE experience okay
but what you're not doing is you're not
paying the preceptor at all actually
it's the other way around the preceptor
has to make a space for you the
preceptor has to give time and resources
to you so it doesn't really make a lot
of sense in terms of you know
economically it's just something that
preceptors do because they want to give
back to the profession so as they're
kind of talking through this and saying
you know well what if you don't like the
preceptor and I get it the millennial
generation and I think the generation
after has gotten a lot of flack for
saying that you know we wants things a
certain way and we have that expectation
so for example I I come downstairs and I
don't know what generation my kids are
but the TV is off because they each have
their own iPad watching their own show
so because we're in kind of that
individualistic environment when that
individual match doesn't match for the
Appy then maybe the student feels well I
should be able to switch or I should be
able to change or something like that
and absolutely if you are paying us but
you're not and you know we're you're
paying somewhere probably between three
and I don't know seven thousand dollars
per rotation and when somebody comes to
my rotation I try to give them that
value but it's hard to do without the
actual money to do it
imagine what you could have if I had
five grand to you know spend on a
student for a rotation
here's your limousine it'll pick you up
to bring you to work and it'll take you
home you'll have no gas charges will put
you up that this really amazing air B&B
it's got you know granite countertops
it's got you know it's maybe it's by the
beach or you know you got pool and you
know you've got this fantastic setup
where you've got a you know you've got a
car you know you've got a place to stay
and you know all your meals are paid for
and then so you know instead of that
it's quite the opposite and then you
know maybe even pay off some of your
student loans well while we're at it so
it's just kind of you know fun to hear
you know how they're talking about the
the preceptors and you know how to deal
with that and I thought they were really
respectful and really did a great job
and I wanted to talk about some of the
highlights so instead of you know kind
of having that attitude where you know
this sucks we're just not getting along
that you would say is there something
I'm doing wrong and taking ownership for
it because the preceptor might have
other things going on that they have to
take care of because there's no money
coming in from the students I understand
that in many places you might feel like
free labor but it's it really it really
comes down to you're just trying to
build a relationship with the person so
I just definitely recommend that you you
listen to what they say about it they're
very positive they are very articulate
with the negatives and I think they did
a fantastic job going over it but really
understanding that a preceptor is a
and more than a volunteer the money is
going somewhere else they would love to
give it to you I give I provide housing
for my students and that comes straight
out of my pocket if they want to come
and do a rotation with me so and again
it's a little bit unfair because I'm an
academic rotation only people that want
to do academics it's an elective
rotation come to my rotation so if you
know you're gonna be a community
pharmacist and have to do hospital or if
you know you're gonna be a hospitalist
and have to do community it's very tough
to say this is not this is such a waste
of my time
such a waste of my time and you know
whereas I'm really lucky to have only
people that are interested in teaching
and I hope to give them as much value as
I can but anyway bottom line listen to
those four standouts from Nova
Southeastern Haley Joann Jamie and Lewis
TLDR so again he's talking about like
planning for next year yes you can still
get a residency if you didn't match this
year if we're on the same pace we should
see another 300 to 400 residences open
up and what I'm hearing now is as it's
in terms of advice for students who are
graduating the advice before was if you
don't get a residency then you know you
can go into retail well that's certainly
not the case in many parts of the
country so my advice for what I'm
getting from the students out there from
the people that email me is that if you
are in rotations you should absolutely
try to work at a possible employer so
what I'm hearing is that the retail jobs
are going to those people that have
already worked for them because they're
a known commodity they can just call
their you know pharmacy manager up hey
you know such as such was thinking about
applying for a job with us wants to work
full time what do you think of them and
there's no way that you can be you know
a two-year interview or somebody was
there for a couple of years then you can
and that's the opposite of what you
think where most of the time you're
thinking oh well you know I want to take
off completely in my pee for a year
because I've got to make sure I have all
you know time that I need to do these
things so I don't think that stopping
working as a p4 is necessarily a good
idea especially if you're hoping to work
for one of the big chains or hoping to
work in community the other thing I'm
hearing is kind of I don't want to call
it backwards but certainly
counterintuitive that you should all
that all students should apply for a
residency because for example and and
this is a numbers thing if you apply for
a job at Walgreens and there are five
people that want it that means that you
have a one in five chance of getting it
so a 20% chance the numbers that HP puts
out says you've got about a two and
three chance of getting a residency so
now I'm hearing that residency has
become the backup where retail was
before so it's completely inverted and I
sort of understand that what they're
saying is you know you got all the way
till March to decide if you're going to
you know match or you're going to put
your put your you know sites down so
what we're really saying or what they're
really saying with a residency is that
everyone should apply to a residency if
you don't have a job lined up after
school because at least you'll have a
two out of three chance to get a
residency now that being said you're
gonna know a lot more in March then you
will that then you will you know as
you're starting you know you're you're a
ppes but I'm hearing people are starting
their job searches in August and
September of their p4 year or theirs
they're you know working to get those
relationships and getting those you know
setups where you know they're going to
be able to go to a certain area so I
don't want to be labor that there's
going to be you know plenty to talk
about but anyway all the way back to TL
DR Pharmacy I think that everyone should
that and everyone that doesn't have a
job lined up should apply for a
residency because you may ask
we turn and go hey you know what I do
want to do a residency where maybe you
didn't or you realized through the
process of actually meeting the people
at the residences you decide the
opposite Oh p-tech annual conference so
if you're a pharmacy technician educator
that is my daughter's birthday is
Wednesday July 11th so I will be flying
in the day after very early in the
morning I think but that's in
Indianapolis Indiana you couldn't meet a
great a better group of educators
anywhere in the world the pharmacy
technician educators council they're
super amazing and I definitely recommend
that conference if you are an educator
or if you were in charge of technicians
Alex Barker on the happy farm D came out
with a 20-18 pharmacist salary guide and
the way that he does his salary guides
are he's very not politically correct
that's not the word I want to use
balanced it's really a summary of other
places saying this is what pharmacist
salaries look like so take it with a
grain of salt it's a nice thing to have
as kind of a a guide but you know the
Bureau of Labor Statistics you know puts
out a number back in last May but that's
certainly not the number that people are
being offered as they're coming out of
school and it depends it's truly like
buying a car where one person Mike
except for Carmack's
where someone goes in and you know pays
this much and then someone else who
negotiates comes in and pays this much
or you're talking about a different kind
of car like well if I go to it if I were
to get you know Toyota always sends you
mean these things and I don't have a
Toyota but sends me these you know ads
like hey you know you can get the you
know all we've got all the the models on
sale or whatever and I'm like that's not
true you never have the Highlander on
sale which what my wife has and I was
like that's the only car that I would
buy and it's just not true so some areas
you're gonna have tremendous resistance
to getting a you know job at a certain
salary and then other places
you may there's still 3% of the
graduating there are three percent of
people that that got a job or getting
sign-on bonuses and you're like are you
kidding me
but there are some underserved areas
many underserved areas and you know just
to talk about his article a little bit
you know I just love seeing that I've
just broken the bottom 10% in academia
and you know for my year but again I
believe that I'm in the top 10% in terms
of happiness with my job I absolutely
love it and this year I'm projecting
that my this is weird
doing nothing is actually paying more
than my job so that kind of is crazy
that my books and the the books I've
created and the passive income is
actually going to exceed my active
income and I thought about that and what
really excited me about that was knowing
that even if something were to happen to
me we're not even talking about life
insurance we're not even talking about
settling affairs we're just talking
about there's a check going into the
account every month of thousands and
thousands of dollars that would pay for
the house that would pay for the kids
food the school and all that stuff and
and so it's just tremendous peace of
mind having that passive income and I
think that's what I want to talk about
this summer some so there's a
it's called it's really negative lies
about pharmacist job market and it's
been going for like year seven years and
at the bottom it's kind of a
counterpoint to the information that
you'll find in the happy farm DS article
and so there's two recent there are two
or three recent posts that came up and
one says that unfortunately salaries are
entering downwards a last temporary job
I got was between 51 and 56 last average
from indeed on in Oregon is 55 and then
I was called about a job today and they
could only offer me 50 so the way to
figure out how much you know a job is
you just use 2000 as the multiplier so
you multiply 2000 times 50 because you
work 2,000 hours
a year right so I think that works out
to 100 so he could only offer me
$100,000 and I guess on one hand I get
it like compared to the national average
or what the average is that's published
but on the other hand I'm like are you
kidding me I can only make $100,000 like
what is it going on that's crazy talk
and then it says per Glassdoor the same
companies paying higher market rates
Glassdoor estimates are ridiculous like
there were two jobs that were like three
rows apart from the same company once
said that a pharmacist made $45,000 and
these are estimates that there you know
AI does and then the other one was like
160 thousand dollars and it was the same
job so i Glassdoor I don't trust it all
especially not with their estimates but
then they said oh this was the one
before so there was a somebody talks
about their salaries from 2008 to 2018
and and how things are going and then
talking about the h-1b visa and what
people are making and they're saying
that they're making 46 an hour so again
you know 46 times 2,000 that's ninety
two thousand dollars you know you're not
exactly pedaling with a tin can on the
corner with 92 grand a year
and if you go globally that's like
triple what the the global averages or
something like that and what somebody
makes but they said something at the
very bottom a foreign pharmacist took my
job she was offered 35 an hour but then
I went to that website that the person
cited h-1b data info and I'm just not
seeing that I'm just and and I don't
know how reliable this site is the h-1b
salary database but I just see that the
base salaries are you know and you can
fix it by start date so they're about
130 hundred and 40 they've got h-1b
visas and 2018 and if you're thinking
about pharmacy nation is
350,000 pharmacists it's a fraction of a
fraction of a percent but there is you
know it range from ninety thousand to a
hundred and fifty four thousand in in
terms of salaries and so I saw that you
know it just really is so dependent on
that company that's willing to hire you
but I saw that bunch of Florida ones got
certified bunch of Florida ones got
denied and it just I just know nothing
about the process like I know what I
know from Wikipedia but the one thing
that I think would be a concern would be
coming from Washington DC because of
that by American hire American executive
order which was planning to reform the
h-1b visa system so again I don't know
exactly what's going on with it but
certainly something I don't know I just
like to see all the information and when
people ask me you know our pharmacist
salaries going down I'm hearing that
people are getting hired at less but I'm
not hearing low numbers yet and again I
I graduated 97 making $65,000 and I was
pretty darn happy about it but then
again I paid $16,000 for all four years
of tuition so my hiring salary was four
times my total tuition so I guess I
can't really complain let's see
so pharmacy Joe again he's he's a great
I just want to refer him he does a great
job if you are in critical care he
really challenges you but as a non
clinical pharmacist his stuff just goes
way way over my head every once in a
while he has something kind of on maybe
talking to doctors or you know how to
work with other people on you know the
team but I also recommend I know he's
got a course to help hospitalists as
well so pharmacy Joe calm Tim Tim and
Tim on the your financial pharmacist so
they talk about car buying and I wanted
to mention something I don't remember
because I heard it in the optometrist
which is opportunity cost so I pay you
know I I cashed out of my real estate
and I pay cash any time I buy a car like
if I have to go replace my you know 2011
Traverse you know I would just pay cash
for it but if you own a practice what
the e-myth optometrist was saying was
that maybe it's an opportunity cost and
that if that puts you so far in the red
that maybe you shouldn't do that because
then you're gonna only have certain
amount of money in your war chest but
maybe think about the opportunity cost
should you pay some of it off should you
pay a little bit of it off how does it
fit in with your student loans and
credit card debt and things like that
again I'm really kind of out of touch I
have no student loans I have no credit
card debt I have enough money to pay off
the house I don't I know I don't know
what it is to to kind of be in that
position it's tough for me to kind of go
back that way
but I definitely recommend listening to
it they do a really good job of staying
on what should they you what you could
be talking about right now Hilary from
either talk to your pharmacist podcast
so speak up and get involved with dr.
Scott gelsin who is a dynamo down at
Nova Southeastern and he's just done its
I wish he would like create a podcast
like PR with a purpose or something like
that because he has business savvy as
well as pharmacy savvy and really a
fantastic spokesman for the profession
but there are just not enough Scots to
go around but I definitely recommend
that you listen to Hilary Blackburn's
interview with dr. Scott Olson let's see
oh I'd put his LinkedIn and just to see
how many followers we have I think I
have 5,000 he has like 10,000 rx radio I
love his Alexa flash briefings I don't
get the Alexa flash briefings because we
have like 1 Alexa I feel like having one
Alexa's like having one black-and-white
TV where everyone has to go around the
thing we don't we don't have our own or
anything like that
but the the episode I wanted to talk
about was a mom becomes a pharmacist
she was a University of Florida grad she
just got hired on with CBS and her story
of being a mom having a kid during
pharmacy school taking five years
instead of four how that was a blessing
and every single person I've talked to
that's taken five instead of force that
it's better to take a year off in
between and I know there's the
opportunity of cost that oh my gosh you
could have gone into practice and made
so much money but I feel like we just
get pushed through or we push ourselves
through so fast that we have no idea
what we want to do with our lives and
having that year off was fantastic but
really almost a tear jerker I think a
mom becomes a pharmacist from rx radio
and dr. Richard weaith you tubers Paul
Tran come on man record something it's
been three weeks but he gets like a
thousand views per so the difference we
Paul and I so we both have about ten
eleven thousand followers he has like
ninety videos and I have 1200 so I'm
just very inefficient I guess he's just
much better at that
Brian Fung has Corinne and Dennis
talking about informatics so if you're
interested in IT or kind of that kind of
niche those are really fun and I don't
know what Kevin he was doing like don't
podcast vlog while you're eating all
right I mean he's doing in and out and
look bang and he's talking about this
and that but it just was like I couldn't
I couldn't hear half of what he was
saying he's just like this is so
delicious Kido Kido rules you know but
then he talks about the best
productivity habits which came out two
days ago and I definitely recommend you
listen to that it's only nine minutes
unlike most of his stuff it's either
half an hour an hour
so definitely productivity hack so he
he's really altruistic he shares
everything that he learns and I really
really enjoy his his vlog so whoa this
went a little long
an hour but anyway this is probably what
I'm going to talk about more I think the
first thing I might tackle is real
estate I had seven years as a real
estate agent I've been I don't know why
I've been watching the big short so many
times but I was like why didn't I see
you know the financial crisis coming and
that's because everybody I worked with
had a paper like the pharmacist all you
know had you know made X amount of
dollars were in the ratios and and there
was no no income you know filling in
thing of anything so anyway I think
maybe I'll start with real estate but do
look out for the episode from Cobo
you'll get to learn a little bit more
about what it is or how to get a book
out there and maybe make a side income
from that with your expertise otherwise
have a great week and I will talk to you
soon support for this episode comes from the
audio book memorizing pharmacology a
relaxed approach with over 9,000 sales
in the United States United Kingdom and
Australia it's the go-to resource to
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