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TriZetto Signs $3 Million RIMS QicLink Agreement
with ATPA
NEWPORT BEACH, Calif. – October 16, 2001 – The TriZetto(R) Group, Inc. (Nasdaq: TZIX) announced today that Associated Third Party Administrators (ATPA), one of the country's largest third party benefits administrators, has signed an $3 million agreement to license the RIMS QicLink(TM) benefits administration system. The contract is QicLink's largest software license contract of the year. Nationwide, QicLink software automates the processing of approximately 130 million claims annually, or 7 percent of the non-pharmacy claims processed in the United States.
To become compliant with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), ATPA is upgrading its automated claims payment systems for medical, dental, vision, disability and drug payments. QicLink's overall capabilities, as well as the fact that QicLink is consistent with HIPAA standards, were the significant factors in its selection, according to ATPA President and CEO Tom Weston.
"The complexity of the benefits administration industry demands that claims software not only process claims rapidly and accurately," Weston said. "The system must be flexible across numerous lines of business and be consistent with HIPAA standards. QicLink meets all the criteria for our current and future needs."
Tony Bellomo, president of TriZetto's HealtheWare(TM) software unit, says that as PPOs and TPAs continue to grow in popularity, there will be demand for QicLink's scalable, automated benefits administration system. "The size and scope of this contract indicate that the market is expanding and that QicLink is the right tool for even the largest TPAs and PPOs," said Bellomo.
About Associated Third Party Administrators
Associated Third Party Administrators (ATPA) was formed on January 1, 1994, with the consolidation of C.W. Sweeney & Company and Glen Slaughter & Associates. Both companies were founded in the mid-1950s, accumulating more than forty years of experience and expertise in employee benefits administration. Both organizations were pioneers in the use of computer application technology for the administration of Taft-Hartley multi-employer trust funds and both specialized in collective bargaining agreement administration. These similarities of style and purpose were the reasons for the merger and are the foundations of ATPA as it exists today, one of the largest independent third party administrators in America.
About TriZetto
The TriZetto(R) 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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