Jim 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 Leadership 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 insurance 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 UnitedHealthcare’s performance. He has sought other indicators to keep his finger on the pulse of local market trends, including consumer satisfaction, 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 operating effectively, he makes a big difference in a very positive way that impacts many.”
Bedard boasts a background in IT and operations, a unique distinction among CFOs, he said. He started his career at Travelers supporting 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 company and an important part of social responsibility in the markets where our people live and work,” he said.
Bedard has led fundraising events for the UnitedHealthcare Children’s Foundation, a nonprofit that provides families with grants of up to $5,000 to help pay for a child’s healthcare treatments that are not fully covered by a health insurance plan.
He is also a leader outside of the company. He has mentored students at High School Inc. in Hartford, taught classes at Capital Community College, is a member of the Greater Hartford Arts Council’s board of directors, and is a catechist and parish council member at his church. Inspired by his son Matt, who is deaf, Bedard also supports the Hear Here Hartford Chapter of the Hearing Loss Association of America.
As the chair of the Connecticut Insurance and Financial Services cluster, he has also collaborated across the industry on public policy, community engagement and workforce development.
Bedard and his wife, Terry, have three children.
