Finding the Right Physician Advisor for a Healthcare Startup

Finding the Right Physician Advisor for a Healthcare Startup

GUEST POST from Arlen Meyers

It has never been easier to create a sickcare startup, particularly in digital health. Part of that process requires that founders find the right players to be on the team. In many instances, that will involve finding physician advisors or consultants.

But, how do you find the right physician advisors?

Here are some tips:

  1. Clearly define the optimal candidate by writing a job description that includes the knowledge, skills, attitudes and competencies you want. Are you looking for someone with an entrepreneurial mindset or someone with just domain expertise? One expert suggests that they should be able to communicate a deep understanding of their domain effectively and understand the context of both their organizations and those they work with. Moreover, emotional competence is essential to developing strong interpersonal skills and succeeding in any workplace. Professionals should also strive to be effective teachers and build a large network of human connections. Finally, possessing an ethical compass will be important as algorithm-driven machines begin to make morally weighted decisions.
  2. Look for past experience and results
  3. Decide how much and what kind of compensation you are prepared to offer, either in cash, equity or both
  4. Make it clear how long you want to engage your advisor. Is it for one hour or one year or more? Or, maybe it’s best to try before you buy and hire for a renewable three-month term.
  5. Clearly define your expectations, deliverables and timelines and how you will measure the results. What roles, holes and goals do you want your advisor to fill?
  6. Solicit candidates using networks, social media channels, word of mouth referrals or responses to a call to action on your website or other marketing collateral
  7. Screen candidates using the criteria you have defined
  8. Decide whether you want someone to fill a business or clinical advisory position. Finding a clinical business advisor is difficult since few doctors or other healthcare professionals have both a clinical and entrepreneurial mindset and the knowledge, skills, abilities and competencies to help you achieve your next critical success endpoints.
  9. Agree on whether you are hiring for periodic strategic input or more tactical, hands-on execution.
  10. Interview candidates to see if they comply with your requirements and whether they are the right fit
  11. Negotiate an agreement
  12. Execute an advisory services agreement that defines the terms and conditions of the relationship

Finding the right physician advisors is an important part of recruiting your startup team. Don’t hire someone simply because of the initials after their name.

Image credits: Pixabay

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