Heads of finance in the telehealth industry often face the challenge of determining acceptable cost-risk ratios when implementing certification-driven technology solutions. The expense of achieving, maintaining, and regularly renewing certifications must be weighed against the potential risks and rewards of doing so. This article provides an outline of the main considerations to assist leaders in the telehealth industry in their evaluation of professional certification management.
In conducting their assessment, heads of finance should begin with an analysis of the value associated with the certifications. It should be determined whether the certifications being sought will provide tangible benefits that outweigh the costs incurred. For instance, do the desired certifications increase customer confidence or meet security protocols necessary for certain markets? Are the certifications in compliance with applicable regulations and standards? Will achieving the certifications help create or maintain competitive advantage or offer new business opportunities?
Next, heads of finance should ascertain the costs associated with attaining, sustaining, and renewing certifications. These costs could include the salaries of interfacing personnel and external hires, as well as the fees for any educational activities or external auditing services. Moreover, fees for additional testing or renewal services should also be taken into account. It is important for heads of finance to understand what fees are billed each year, how those fees are calculated, and whether contracts are cancellable to minimize future costs.
Going forward, heads of finance must assess the risks associated with obtaining the certifications. Do the certifications present any notable implementation risks? Does the implementation of the certification put the organization at any potential legal, privacy, or security risks? What happens if the certifications are not achieved or are not maintained? Knowing the answers to these questions will help a team of financial leaders decide the best course of action when it comes to professional certification management.
Finally, depending on the complexity of the certifications, it may be beneficial for leaders in the telehealth industry to consult with their legal and compliance staff to assess whether any additional risks are associated with the certifications. In instances requiring high degrees of compliance in the areas of security and/or data privacy, external audit support may also be needed.
In conclusion, heads of finance in the telehealth industry must carefully consider the potential value, cost, and risk associated with professional certification management before committing to any such solution. It is essential to evaluate the evaluation on an ongoing basis to ensure that the original agreement is enforced and to identify any changes in market conditions or regulations that could affect the value of the certification. By taking the time to assess each of these factors, financial heads will have a better sense of the associated risks and rewards.