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TriZetto Announces Comprehensive Agreement with Providence Health Plans
NEWPORT BEACH, Calif. – February 5, 2002 – The TriZetto® Group, Inc. (Nasdaq: TZIX - news) has signed a comprehensive licensing agreement with Providence Health Plans, which serves more than one million members in Oregon and southern Washington. Under the agreement, Providence will receive TriZetto's Facets® managed-care administrative system, HealthWeb® Internet platform, and new HIPAA Gateway(TM) product. The HIPAA Gateway receives, routes, stores and queries electronic transactions in compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA). While the new systems are being implemented, TriZetto will host and manage Providence's current administrative software.
TriZetto is a comprehensive source of healthcare information technology (IT) products and services, including enterprise and e-business applications, software hosting, business services and consulting. According to Jack VanGraafeiland, chief information officer with Providence Health Plans, TriZetto's single-source strategy should prove an advantage for the managed healthcare organization.
"We prefer to use one vendor for all of the IT applications to improve efficiency. TriZetto's pre-integrated systems are expected to reduce implementation time and the technical challenges associated with integrating systems from disparate vendors," VanGraafeiland said. "TriZetto's ability to host our current systems during the implementation process will allow us to use our internal resources more effectively and to provide ample opportunity for staff training."
The complete solution TriZetto is providing for Providence addresses the same IT issues facing many healthcare payers today: the need to upgrade to a scalable, flexible administrative system to handle HMO, PPO, Medicare and other diversified health plan products; demand for Internet "self-service" and online transactions among health plan members, providers and other constituents; and the need to comply with HIPAA transaction and privacy rules.
"The challenges facing healthcare today are complex, like the industry itself," said Tony Bellomo, president of TriZetto's HealtheWare(TM) unit. "That's why TriZetto's exclusive focus on healthcare is so important. We understand our customers' business challenges and can provide comprehensive solutions to meet their long-term needs."
About Providence Health Plans
Providence Health Plans provides health care coverage to more than a million adults and children in Oregon. Providence focuses on improving the health of its members by creating access to high quality health care programs and preventive services through top-rated benefit plans that are preferred by providers and customers. Providence Health Plans is part of Providence Health System in Oregon, ranked the fourth most integrated health network in the nation. Visit www.providence.org/healthplans.
About TriZetto
The TriZetto® Group, Inc. offers a broad portfolio of healthcare IT products and services that can be delivered individually or combined to create a comprehensive solution. The company provides proprietary and third-party software on a licensed or hosted basis, e-business applications, consulting services and business services, such as claims, billing and enrollment processing. Focused exclusively on healthcare, TriZetto serves more than 500 payers, providers and benefits administrators. Its payer customers serve more than 90 million health plan members, or approximately 40 percent of the insured population of the United States. Headquartered in Newport Beach, Calif., TriZetto can be reached at (800) 569-1222, www.trizetto.com.
This press release contains 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, financial stability of our customers, changes in government laws and regulations and risks associated with rapidly changing technology, as well as the other risks identified in TriZetto's Form 10-K and other SEC filings.
CONTACTS:
TriZetto Media Relations
David Scott
303-495-7197
david.scott@trizetto.com
Schwartz Communications
Caroline Pavis
781-684-0770
trizetto@schwartz-pr.com
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