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TriZetto Announces ASP Agreement to Provide Erisco's Facets(R) To CareFirst BlueCross BlueShield Subsidiary
NEWPORT BEACH, CA – February 6, 2001 – The TriZetto(R) Group, Inc. (Nasdaq: TZIX) today announced an agreement with The Preferred Health Network (PHN), a subsidiary of CareFirst(R) BlueCross BlueShield of Maryland. The agreement is an extension of an existing contract signed by PHN and TriZetto. Valid through 2003, the new agreement converts CareFirst's PHN subsidiary to the ASP version of Erisco's Facets for healthcare payer administration, and includes the sunset of the legacy system on which PHN currently operates.
"The agreement is testament to TriZetto's ability to meet the growing technology needs of the nation's Blue Cross Blue Shield plans and other managed care organizations," says Larry Bridge, TriZetto's senior vice president for Payer ASP Services. "CareFirst's and PHN's decision also validates growing market demand for TriZetto's integrated ASP Facets solution."
TriZetto completed its acquisition of Erisco and the Facets system last October. An ASP version of Facets was made available within weeks of the acquisition.
The advantages of ASP solutions -- hosted applications available for a fixed, monthly fee without significant upfront investment of capital -- are numerous. Organizations are able to free up tremendous amounts of capital that otherwise would be spent on hardware, software and personnel for needed IT systems. Working with a multi-vendor ASP provider such as TriZetto, customers receive the latest, best-of-class applications on the market. They also gain a single source of accountability for operation and maintenance of their IT systems.
About CareFirst
CareFirst BlueCross BlueShield is a not-for-profit healthcare company which, along with its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products, direct healthcare and administrative services to nearly 3 million individuals and groups in Northern Virginia, the District of Columbia, Maryland and Delaware. For more information, please contact CareFirst BlueCross BlueShield at 410-581-3000 or visit on the Web at http://www.carefirst.com.
About TriZetto
The TriZetto(R) Group, Inc., is an information technology and services company focused on the healthcare industry. The company hosts and licenses software and provides e-business platforms, serving approximately 600 customers with more than 90 million enrollees. TriZetto's application service provider (ASP) unit hosts a broad selection of applications from multiple vendors for a predictable monthly fee. All of TriZetto's ASP offerings are configured for use over the Internet. TriZetto's HealthWeb(R) technology allows all healthcare participants - health plans, providers, employers and members -- to exchange information and conduct business over the Internet. HealtheWare(TM), the software engines unit, develops and licenses premium Erisco and RIMS applications for payers and benefits administrators. Headquartered in Newport Beach, Calif., TriZetto can be reached at 949-719-2200, www.trizetto.com.
This press release may contain forward-looking statements that involve risks and uncertainties. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about future net revenues, profits, and financial results, the market for TriZetto's services, future service offerings, client and partner relationships, and TriZetto's operational capabilities. Actual results may differ materially from those stated in any forward-looking statements based on a number of factors, including the effectiveness of TriZetto's implementation of its business plan, the market's acceptance of TriZetto's services, risks associated with management of growth, reliance on third parties to supply key components of TriZetto's services, attraction and retention of employees, variability of quarterly operating results, competitive factors, risks associated with acquisitions, changes in demand for third party products or solutions, which form the basis of TriZetto's service offerings, and risks associated with rapidly changing technology, as well as the other risks identified in TriZetto's Form 10-K and other SEC filings.
CONTACT:
TriZetto Media Relations
Jodi Amendola
480-657-9966, ext. 25
jamendola@cpronline.com
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