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TriZetto Signs Facets License Agreement with Blue Cross Blue Shield of Michigan
NEWPORT BEACH, Calif. – December 13, 2001 – The TriZetto(R) Group, Inc. (Nasdaq: TZIX) announced today that Blue Cross Blue Shield of Michigan, a 4.8 million-member health plan, has signed a major agreement to license the Erisco's Facets(R) managed-care administration system. The contract is one of Facets' largest software license agreements to date and the thirteenth agreement with a Blue Cross and Blue Shield health plan. TriZetto is the largest provider of administration software systems to BCBS plans; its Facets system is used by approximately one-third of BCBS plans around the country.
According to Ray Khan, Blue Cross Blue Shield of Michigan senior vice president and CIO, the health plan studied a number of factors in its decision, including Facets' broad functionality, flexibility for making the rapid changes required in the competitive health care marketplace, and the ability to help meet standards under the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
"We provide coverage for some 78,000 employer groups, which generates a tremendous volume of complicated data. We selected Facets because it is designed to handle heavy volume for all types of administrative transactions and recognize in today's environment that health care claims must be processed quickly and accurately. That translates into a more efficient operation and better service for all of our customers," said Khan.
William P. Smith, Michigan Blues' senior vice president for operational effectiveness and leader of the Blues team that will oversee migration to the new system, said that the system provides a streamlined solution that addresses administrative and regulatory requirements and can accommodate multiple lines of business.
Tony Bellomo, president of TriZetto's HealtheWare(TM) software unit, says that Facets' growing acceptance among Blue Cross and Blue Shield plans demonstrates the system's ability to meet the needs of large, complex payer organizations.
"Large payers need a wide range of business functions, delivered in a manner that is consistent with HIPAA standards," Bellomo says. "We believe that's why Facets has become the system of choice for so many Blue Cross and Blue Shield Plans."
About Blue Cross and Blue Shield of Michigan
Blue Cross Blue Shield of Michigan provides or administers health care benefits to more than 4.8 million members through a variety of health care options, including Traditional Blue Cross Blue Shield, Blue Preferred and Community Blue PPOs, Blue Choice Point of Service and Blue Care Network HMO. The nonprofit company is the health plan of choice for more than 78,000 Michigan businesses. For more information, visit www.bcbsm.com.
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
Blue Cross Blue Shield of Michigan
Helen Stojic
313-225-8113
hstojic@bcbsm.com
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