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TriZetto Introduces NetworXModeler
NEWPORT BEACH, Calif. – November 18, 2003 – The TriZetto Group, Inc. (NASDAQ: TZIX) today introduced NetworXModeler™, standalone software that predicts the financial impact of new or revised provider contracts. NetworXModeler uses a health plan's real claims data to forecast costs against proposed provider rates and terms, making it easier to negotiate contracts and manage costs. This information can help health plans structure the most strategic pricing arrangements with doctors and hospitals.
Increasingly, consumers are choosing benefit plans that offer a choice of physician and hospital networks. According to a 2003 national survey by Mercer Human Resources Consulting, PPO benefit plans account for almost 50 percent of the health insurance market. These 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 analysis tool like NetworXModeler allows health plans to evaluate and negotiate the pricing arrangements for these complex contracts.
TriZetto's NetworXModeler has a natural language feature that allows contract managers to quickly and easily load rates and terms into the system – boosting productivity and efficiency. Once in the system, contracts can be copied and edited to reflect proposed rate changes, which are automatically and accurately analyzed in detailed reports for the health plan. Using this information, health plans can assess which proposed terms are expected to have the greatest financial impact on the business. In addition, the software can be loaded onto a laptop computer, making this critical financial information available during actual negotiations.
"As economic pressures increase for both payers and providers, so does the complexity of their contracts," said Tony Bellomo, president of TriZetto's software unit. "An automated system like NetworXModeler is crucial for evaluating and managing these pricing arrangements. In just hours, the software provides key information on proposed provider rates that would take weeks to calculate using actuaries and manual review. This information can be important for helping reduce overall medical costs."
NetworXModeler is a standalone product that can be used with any core administrative system. Health plans can maximize speed and cost savings by using NetworXModeler in conjunction with NetworXPricer, which automates the pricing of claims: Contracts can be moved electronically between the pricing engine and the modeler system, without being rebuilt.
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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