Blue Cross and Blue Shield of Minnesota announces Chief Financial Officer and Chief Transformation Officer

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Jay Matushak joins as CFO; Jamie Rice appointed CTO

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Blue Cross and Blue Shield of Minnesota (Blue Cross) today announced that Jay Matushak has joined the organization as senior vice president, chief financial officer (CFO). Blue Cross also announced the appointment of former CFO Jamison (Jamie) Rice to the newly created role of senior vice president, chief transformation officer.

About Jay Matushak
As CFO for Blue Cross, Matushak is responsible for overseeing the organization’s financial controls and systems; financial planning; tax; treasury; investments; corporate finance; actuarial; underwriting; and business development. Additionally, Matushak manages the overall financial stewardship of SelectAccount, a health savings account administrator and affiliate company of Blue Cross.

Matushak comes to Blue Cross with 14 years of executive experience at UnitedHealth Group, where he most recently served as vice president of finance for Medicare and Retirement, and chief financial officer of National Accounts and Commercial Operations. Matushak’s tenure at UnitedHealth Group also included financial leadership roles within Specialty Benefits, UnitedHealth Network and Specialized Care Services.

Before joining UnitedHealth, Matushak spent five years with Arthur Andersen as an audit manager, representing clients in healthcare, manufacturing and professional sports industries.

“Jay brings financial expertise and a strategic mindset to Blue Cross which will help us achieve our vision of becoming Minnesota’s health care leader,” said Mike Guyette, Blue Cross president and CEO. “He is focused on the value we provide to our members and has the vision to guide our financial strategies and planning for the future. He is tremendous addition to the Blue Cross executive leadership team.”

Matushak holds a bachelor’s degree in business administration from the University of Notre Dame.

About Jamie Rice
In the new senior leadership position of chief transformation officer, Rice is responsible for a multi-year plan to enhance Blue Cross’ technology and operational capabilities. The plan centers on integrating a third-party technology platform with existing company assets and processes in order to drive accelerated business innovation and more personalized experiences for consumers. The technology platform integration will be phased in over the next several years and encompass all business segments, including Minnesota-based employer groups; state and federal public health programs; and individual purchasers.

“Jamie’s strategic leadership is key as Blue Cross continues to transform and expands our consumer-centric efforts;” said Guyette. “Given the duration of this initiative and its importance to our long-term strategic plan, Jamie was the clear choice for leading its implementation. In the spirit of Blue Cross’ ongoing commitment to meet and exceed expectations in a rapidly changing health care environment, I am confident that Jamie will drive results with a sharp focus on delivering value.”

Rice joined Blue Cross in 2012 as chief financial officer. His extensive background in financial leadership and strategic implementation includes tenures at the Minneapolis-based private capital investment firm Yukon Partners, UnitedHealth Group, Best Buy Co., Inc., and Arthur Andersen. He holds a bachelor’s degree in business administration from the University of St. Thomas.

Blue Cross and Blue Shield of Minnesota (, with headquarters in the St. Paul suburb of Eagan, was chartered in 1933 as Minnesota’s first health plan and continues to carry out its charter mission today as a health company: to promote a wider, more economical and timely availability of health services for the people of Minnesota. Blue Cross is a not-for-profit, taxable organization. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association, headquartered in Chicago.
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Jean Miller
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