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TriZetto Announces NetworXPricer for Health Plans -- The Only Software that Fully Automates Complex Provider Contracts
Claims-Pricing System Reduces Labor Costs and Ensures Accurate, Fast Processing
NEWPORT BEACH, Calif. – July 8, 2003 – The TriZetto Group, Inc. (Nasdaq: TZIX) announced the availability of NetworXPricer for health plans. NetworX™ is the only software that fully automates complex provider contracts, making it easier for health plans to negotiate terms with numerous providers and offer customized healthcare products. NetworX speeds claims processing by eliminating the labor costs, errors and inconsistencies of pricing claims manually. Using the software, health plans can cut in half the time it takes to set up and maintain contract terms in their systems.
Increasingly, consumers are choosing benefit plans that offer a choice of physician and hospital networks. According to Mercer Human Resources Consulting, preferred provider plans (PPOs) account for almost 45 percent of the health insurance market. These PPO plans, as well as new types of customized benefits, are built on tiered provider networks – with a complicated array of fees and services. A sophisticated pricing system like NetworX – advanced technology that automates claims pricing, reduces costs and improves customer service – is necessary to manage these complex provider networks.
"With NetworX, our goal is to automate virtually all provider contracts," said Pat Shiverdecker, vice president of Group Benefit Services for Mutual of Omaha Insurance Company. An existing customer already using TriZetto's Facets® administrative software, Mutual of Omaha purchased a NetworX license to address the demands of its PPO plans. "We anticipate leveraging the integration of NetworX pricing software with our Facets implementation to achieve seamless administration. We are confident that NetworX can also expand as our business requires."
While other pricing systems require specialized computer programming skills, any health plan employee can use the natural language feature of NetworX to set up and maintain contracts in the system – boosting productivity and efficiency. In addition, the software automatically prices claims correctly the first time, eliminating the errors and inconsistencies of manual pricing and reducing the number of calls health plans receive from billing administrators. NetworX also reduces the duration of customer service calls: It generates a complete history of terms used to calculate provider reimbursements, so inquiries are resolved quickly.
"TriZetto offers the most flexible and functional claims pricing engine on the market," said Tony Bellomo, president of TriZetto's software unit. "NetworX software extends the provider management capabilities of core claims administration software. NetworX supports our customers in handling complex PPO and consumer-directed models and the increasing complications they impose on network management and pricing arrangements."
NetworX functionality is a standard part of Facets Extended Enterprise™, the major expansion of TriZetto's flagship administrative system. For current Facets customers or health plans using other core administrative software, NetworX can be purchased and integrated with the administrative application. Customers can license NetworX, or TriZetto can host and manage NetworX and the enterprise system for customers in one of its data centers.
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, benefit administrators and physician groups. Its nearly 500 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
Caroline Pavis
781-684-0770
trizetto@schwartz-pr.com
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For more detailed information, please call 1-800-569-1222. |
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