Hartford Business Journal

CFO - 8 Hartford Business Journal•November10,2014 www.HartfordBusiness.com CFO of the Year 2014 By Krystal Overmyer Special to the Hartford Business Journal J im Bedard, CFO of UnitedHealthcare's Northeast Region, has weathered rapid change in the healthcare industry using one of his best executive traits: balance. "I don't have a panic button," he said. Over the last year, Bedard, 52, has helped steer UnitedHealthcare's Northeast region through changing healthcare reform regulations, new competitors, new distribution and an array of new products and services. UnitedHealthcare, a division of UnitedHealth Group, is the largest U.S. health insurer. Craig LaFiandra, UnitedHealthcare's vice president for strategic account operations and chairman of the company's Hartford Leader- ship Council, said Bedard is not only known for his financial skills but also his compassion. "He is, without question, the exception," LaFiandra said. "He takes a very practical view, but he also takes into account the personal aspect of what he's doing. He's empathetic." Bedard has worked to streamline business processes through the development of a common finance portal, standardized business rules and mobile tools that centralize data and make accessing information easier for employees. The changes made it easier for employees to do their jobs, LaFiandra said. Bedard's other major priority is making UnitedHealthcare's insur- ance plans more affordable. The company constantly looks for ways to reduce medical costs by proactively reviewing outliers in medical spending and utilizing UnitedHealthcare's clinical services arm to help improve cost effectiveness. Bedard emphasizes looking beyond earnings alone to measure Unit- edHealthcare's performance. He has sought other indicators to keep his finger on the pulse of local market trends, including consumer satisfac- tion, employee engagement and the company's community impact. "If we've got all the bases covered in those markets and we do it right, the financial performance takes care of itself," he said. LaFiandra said Bedard also understands that happier, more engaged employees will work with clients more effectively. During meetings, he takes the extra time to make himself available for questions from younger employees, LaFiandra said. His understanding of the local market, emphasis on employee engagement and awareness of the importance of community make it easier for employees to do their jobs. "He understands that by leading in any one of those areas, he can effect change," LaFiandra said. "When you have all of them operat- ing effectively, he makes a big difference in a very positive way that impacts many." Bedard boasts a background in IT and operations, a unique distinc- tion among CFOs, he said. He started his career at Travelers support- ing the distribution side of the business. Later, he took on an IT role and focused on developing management information and e-business delivery systems. The combination of IT, operations and finance has helped make him a better CFO, he said, especially as the role of the chief financial officer has evolved beyond financial management. He seeks to bring a broad perspective across all business functions to help drive strategy execution given potential future events — regulatory, competitive, operational or technological — that could present openings for the company to advance. The key is helping the company be as nimble as possible and well positioned to seize new opportunities, he said. "It's not business as usual any more. You have to think about your business differently and execute at a high level across all disciplines to differentiate in the market," he said. Bedard is also keenly aware of how people perceive the company, and he takes to heart its mission of helping people live healthier lives. "We have always thought of ourselves as a health and wellness Bedard's calm demeanor guides UnitedHealthcare through rapid change Public Winner P h o t o / P a b l o R o b l e s Executive profile questionnaire The Basics Name: Jim Bedard Name of organization: UnitedHealthcare Title: Northeast Region CFO, UnitedHealthcare Employer & Individual Size of organization: 3.5 million members in Northeast Education: BS/MBA, Western New England University Previous job(s): Insurance tour: Hartford, Cigna, Travelers On the job Guiding business principle: Listen and consider all perspectives Best way to keep your competitive edge: Attract, develop, engage and retain top talent Best business decision: Taking an operation through business process re-engineering and measuring success based on customer feedback, not just our internal measurements Biggest missed opportunity: Should have played hockey in college Goal yet to be achieved: Retirement Most influential business book: "Who Moved My Cheese?" by Spencer Johnson Personal touch in your office: Family pictures and our employees' "drip and splat art" — it's one of a kind! Personal side: Favorite way to relax: Building something Hobbies: Boating, fishing and gardening Last vacation: Family trip to Italy for our 25th wedding anniversary Favorite movie: "A Few Good Men" The car you drive: The first one I bought — 1985 Toyota Celica Convertible Favorite communication device: IPad Currently reading: "Negotiate This!" by Herb Cohen Favorite cause: The annual Hartford Walk4Hearing, continuing a Connecticut tradition of broad- based community support for the deaf and hearing impaired Second choice career: Architect Continued on page CFO-14

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