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?
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?
5. Clearly define your expectations, deliverables and timelines and how you will measure the results.
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. Interview candidates to see if they comply with your requirements and whether they are the right fit.
9. Negotiate an agreement.
10. 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.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs.
Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.