Closing Thoughts: An interview with Edward Parry III
Define and deliver
Edward Parry III is the new chair of the board of UMass Memorial Health Care, taking the reins from long-time trustee and chair Sumner Tilton Jr. Parry has served Hanover since 1992, the last 11 years in the role of chief financial officer. He'll leave his post at Hanover effective June 15 but not the chairmanship of the Umass board. Here, he talks about the next chapter in the UMass story and his future plans.
WBJ: UMass has made significant capital investments in its physical plant. How will your finance background help keep its budget in line?
Parry: Over the last three years, the UMass Memorial system has invested about $320 million in improvements. We're expecting to spend at least $75 million in each of the next two to three years in further improvements.
The other trustees and I have great confidence in the leadership team's ability to manage the spending in an appropriate way to support our strategic priorities. We will continue to support the team in any way we can.
WBJ: A significant part of the job duties of a nonprofit board is to raise money. Are you going to make any changes in the system's relationship with funding sources?
Parry: I don't think so. Not in any material way. I think we've been very successful in fundraising over the last couple of years. Charles Pagnam has just been named vice chancellor for development for the hospital. We're very confident that he'll be able to continue to lead that group in a way that will enable us to continue to achieve our fundraising goals.
WBJ: Your predecessor, Sumner Tilton Jr., is an integral part of Worcester's charitable foundation community, as well as the legal community. Are you going to bring a more corporate perspective to the leadership role?
Parry: Let me first comment on Tony's leadership of the board. For years, Memorial Hospital and then UMass-Memorial have benefited from Tony's excellent business judgment, very strong leadership skills, and a very strong commitment to serving the local community. One of his most significant contributions in the last several years was managing the leadership change that brought John O'Brien to the hospital.
Going forward, our success is going to be determined by our ability to define and deliver on our strategic and operational priorities, which are largely going to be around building volume, while continuing to provide excellent care.
I believe my background both in business in general and in finance, together with the experience of the other trustees, in support of John O'Brien and his team, will enable us to do just that.
WBJ: What is the board's stance on management/labor relations? Is that stance consistent with leadership's approach?
Parry: We have, I believe, very strong relationships with all of the bargaining units in the system. And we're committed to working with each of these bargaining units in a fair and collaborative way, and the most recent experience, I believe, is indicative of that.
On the one hand, our goal is always focused on the employee constituency. ... To recognize and reward the many contributions that the people in these bargaining units make to the hospital. But of course, we have to balance that, with our objectives, and the need, to maintain a strong financial position so that as an organization we can provide the very best possible care.
It is sometimes difficult to manage these competing objectives. I believe that John and Walter Ettinger and the management team have successfully done so.
WBJ: Under the state's new health insurance law, insurers have had to develop and offer non-subsidized plans for low- and moderate-income people, without any market experience on which to base prices. How do you think market forces will play out for a product that's mandated?
Parry: I'm not sure I know exactly how it will play out. It's an important and progressive proposal, but it's unique and new. And as a result, there are any number of issues around this program that need to be resolved and worked out over time. That's not surprising with something of this nature.
Massachusetts faces a serious un- and under-insured issue. UMass Memorial alone last year provided about $75 million in free care. We're very involved in the public policy around health care for Central Massachusetts. It's an important part of our mission, and it's important to the populace here in Central Mass.
WBJ: When you leave Hanover, what will you do next?
I'm planning to take a short pause to explore a range of opportunities and possibilities. Among other things, I will be focused on seeking an opportunity to become a CEO, probably at a financial services company.
This interview was conducted and edited for length by Christina P. O'Neill.
The Parry File: |
Born: July 21, 1959, in Fitchburg
Education: BS of business administration, Bryant, Summa Cum Laude, 1981
Started career: Price Waterhouse, New York City
Biggest career challenge/biggest career accomplishment: Leading the turnaround of the Hanover predecessor company, Allmerica Financial.
Just for fun: Private pilot; also skiing, bicycling, basketball.
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