Doctors are now more interested in becoming advisors or consultants to sick-care companies.

But, many lack the knowledge, skills, abilities and competencies to add value. At the same time, companies looking for physician consultants and advisors, particularly startups with limited experience in sick-care, are not clear about who they want, what they want them to do or have unrealistic expectations about their ability to deliver results.

Part of the reason is advising is not doctoring. Some differences are:

• Emphasis on results, not effort
• No expectation to always take your advice
• Less income
• Less trust
• Differences between the clinical and entrepreneurial mindset
• The consultant is not responsible for the outcome
• Usually temporary
• Client-advisors relationships not as important in getting results
• Different payment model
• No fiduciary relationship
• More limited liability exposure
• Team dynamics
• Importance of networks
• Required experience and knowledge in sales and marketing
• An entitled pay for effort, reimbursement, grant attitude v results based pay for performance attitude
• Differences in real and perceived job security 

Conflict of interest is another concern. Are practicing physicians who advise medtech, big tech or biopharma companies influenced how they treat their patients?

Becoming an advisor or consultant to a sick-care company will require that you rewire, not retire to do a side gig. Anything short of that is a waste of time and money.

Digital Health Entrepreneurship is available on Amazon and Springer.

Arlen Meyers, MD. MBA is the President and CEO of the Society of Physician Entrepreneurs.