A faculty member and department chair's perspectives from 12 years in a co-funded position

Abstract

Co-funding of faculty positions has always been an opportunity to expand scarce faculty resources. In today's economic climate, co-funding faculty positions is an increasingly enticing opportunity. A co-funded faculty position is a mutually beneficial cost- and time-sharing arrangement between a College of Pharmacy and the pharmacy practice institution, with the salary and benefits being paid by one or the other institution with a contract for reimbursement for partial salary and benefits. These positions can provide benefits to the faculty member, the college, and the institution, but they can be complex and challenging to develop and maintain. Keys to success for the co-funded faculty member include a clear understanding of positional responsibilities of all parties involved, effective time management, written documentation of services provided, good communication, balance, flexibility, and creating an identity as a faculty member and as a clinical pharmacist. Keys to success for the Department Chair include having a multiyear detailed contract with a well-defined position description and an exit clause, an institutional and faculty performance evaluation process, understanding of institutional issues including careful selection of an institution with which to partner, and creating appropriate department balance. With thoughtful planning and ongoing commitment from each party involved, the co-funded faculty position can be a cost-effective way to increase pharmacy practice faculty positions and pharmacy practice experience offerings for training in real-world practice environments.