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TriZetto's NetworXTM Software Wins Most Innovative Use of Technology Award at TETHIC
NEWPORT BEACH, Calif. – December 13, 2004 – The TriZetto Group, Inc. (Nasdaq: TZIX) announced today that the company's NetworXTM Suite was recognized as the Most Innovative Use of Technology to Improve Claims Processing at The Emerging Technologies and Healthcare Innovations Congress (TETHIC). TriZetto's NetworX Suite includes NetworX ModelerTM and NetworX PricerTM, powerful software solutions that allow health plans to manage complex hospital contracts more efficiently.
"This award acknowledges that our patent pending NetworX products are unique and bring dramatic benefits in cost savings and efficiency to health plans' network management functions," said Jeff Hensley, vice president of new technology development at TriZetto. "The NetworX suite is the only software that fully automates the pricing of claims against complex provider contracts and creates real cost intelligence to guide provider contract negotiations."
NetworX Modeler is an easy-to-use software application that automates contract analysis for provider pricing negotiations. It significantly reduces contract analysis time and labor and helps to avoid costly miscalculations. By using natural language to set up and maintain contracts in the system, employees who are familiar with provider contracts can use the application with minimal training. Based on its advanced architecture, NetworX Modeler can even be utilized by contract negotiators in the field at providers' offices.
NetworX Pricer can automate 90 percent or more of a health plan's claims pricing, regardless of the complexity of the contract terms. It prices claims correctly the first time, eliminating the errors of manual pricing. This reduces the plan's customer service burden and the risk of claims adjustments and penalties. For example, as a result of NetworX Pricer's operational efficiency, one customer has doubled the number of transactions they handle with no increases in staff, and is automatically repricing 92 percent of facility based claims and 98 percent of practitioner based claims compared to 55 percent previously.
The Emerging Technologies and Healthcare Innovations Congress (TETHIC), which ran from November 29 through December 1, 2004, provides healthcare industry executives with an in-depth conference to address the impact and promise of technology innovation on the future of healthcare. This year's TETHIC awards were judged by a 14-member panel representing a cross section of the healthcare industry.
About TriZetto
TriZetto serves the payer market, which is comprised primarily of national and regional health insurance plans, and benefits administrators that provide transaction services to self-insured employer groups. The company offers a broad portfolio of information technology products, including software, services and consulting, tailored to the needs of healthcare payers. Headquartered in Newport Beach, Calif., TriZetto can be reached at 949-719-2200 or www.trizetto.com.
CONTACTS:
Investors
Brad Samson
949-719-2220
brad.samson@trizetto.com
Media:
Audrey McDill
303-495-7197
audrey.mcdill@trizetto.com
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