Technology Tips for CFOs

July 18, 2014

When it comes to a major technology purchase, it’s easy for CFOs to become absorbed in the myriad technical details. But it’s vital to instead focus on a few priorities that will enable CFOs to counsel their CIO or CTO on making a financially sound decision. In a Healthcare Finance News article, “Technology 101 for CFOs” our Chief Financial Officer Jim Lacy identifies what CFOs need to focus on:

  • Moving to the cloud: Consider how cloud technology can shift the burden from your capital budget to your operating budget, and how it can eliminate the need for IT staff to handle server maintenance and reduce the risk of running out of physical space for on-site servers.
  • Security: The financial ramifications of an insecure network are nightmarish. Ensure that you spend sufficient time and ask the right questions when selecting security for your organization.
  • Scalability: Scalability, inoperability, and vendor-neutral functionality often go hand-in-hand—you need technology that can support you as you grow.
  • Visibility: If you don’t have visibility across a system, you can’t drill down into the data—and that causes unnecessary risk. The new era of healthcare demands visibility into clinical quality, utilization, and financial performance. You’ll need all of this data to do your job.
  • Mobility: Wi-Fi presents one of the biggest challenges for mobile technology. Consider conferences or events that might be hosted at your location. You may need as much as 400% – 500% more Wi-Fi capacity than normal, which needs to be accounted for when adding new Wireless Access Points.

What do you think are the top factors that CFOs need to consider when it comes to technology? Click here to read Jim’s full article on Healthcare Finance News.

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