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BlueCross BlueShield of Tennessee Selects TriZetto's NetworXPricer
Automated Claims Pricing Tool Supports Complex Provider Contracts, Helps Health Plans Manage Costs
NEWPORT BEACH, Calif. – April 8, 2004 – The TriZetto Group, Inc. (NASDAQ: TZIX) announced that BlueCross BlueShield of Tennessee (BCBST) has purchased NetworXPricer, software that fully automates complex provider contracts, making it easier for health plans to negotiate terms with numerous providers. NetworXPricer speeds claims processing by eliminating the labor costs, errors and inconsistencies of pricing claims manually. BCBST, the state’s largest health insurer, made the decision as part of its ongoing strategy to automate and streamline operations.
"Using the natural language feature of NetworXPricer, we can dramatically reduce the time it takes to set up and maintain contract terms in our system,” said Bob Worthington, senior vice president of business operations for BCBST. “TriZetto’s technology will boost our efficiency and help us with our twin goals of providing affordable coverage for all Tennesseans and assuring the company’s long-term sustainability."
NetworXPricer, adapted from TriZetto’s NetworX suite of products serving the PPO marketplace, is a standalone product that can be used with any health plan’s administrative system. It is also integrated with Facets, TriZetto’s flagship administrative software.
"Health plans like BCBST that combine NetworXPricer with Facets are using TriZetto’s sophisticated technology to its fullest advantage," said Tony Bellomo, president of TriZetto’s software unit. "Our NetworX system can help health plans reduce errors and tighten claims processing, even as provider contracts become more complex."
About BlueCross BlueShield Tennessee
BlueCross BlueShield of Tennessee is the state's oldest and largest not-for-profit health coverage provider, serving more than 2 million Tennesseans. Founded in 1945, the Chattanooga-based company is focused on financing affordable healthcare coverage and providing peace of mind for all Tennesseans. BlueCross serves its members by delivering quality healthcare products, services and information. For more information on BlueCross BlueShield of Tennessee, visit the company's website at www.bcbst.com.
About TriZetto
The TriZetto Group, Inc. offers a broad portfolio of healthcare information technology (IT) products and services that can be delivered individually or combined to create a comprehensive solution.
The company provides:
- leading proprietary and third-party software, including e-business applications;
- outsourced services, such as software hosting, transaction processing and IT department operations; and
- strategic and implementation consulting.
TriZetto is focused on three healthcare markets: payers, benefits administrators and physician groups. Its more than 400 customers represent approximately 40 percent of the U.S. insured population. Headquartered in Newport Beach, Calif., TriZetto can be reached at (949) 719-2200 or 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, the ability of TriZetto to meet its contractual obligations to 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
Audrey Mautner
303-495-7197
audrey.mautner@trizetto.com
Schwartz Communications
Brian Bogie
781-684-0770
trizetto@schwartz-pr.com
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