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TriZetto Signs Software License and Hosting Agreement with CareSource; Health Plan Converts its AMISYS System to Facets
NEWPORT BEACH, Calif. – May 6, 2003 – The TriZetto® Group, Inc. (Nasdaq:TZIX) announced that CareSource – a rapidly growing, 278,000-member Medicaid health plan in Ohio – will convert its existing AMISYS software to Facets®, TriZetto's flagship administrative system. In addition to Facets, CareSource's agreement with TriZetto includes HIPAA Gateway™, which processes electronic transactions in compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA); and HIPAA Privacy, which manages personal health information according to HIPAA guidelines.
TriZetto will also provide Facets software and host it on an interim basis for one of CareSource Management Group's administrative services customers. CareSource Management Group, a for-profit entity under CareSource, offers full-service administrative, consulting and turnaround services to managed healthcare programs. After TriZetto's suite of software is implemented at CareSource, the hosted business will be moved in-house and managed by CareSource.
"With a 200 percent enrollment increase in recent years, we required the advanced technology and productivity of Facets to help us manage growth and costs while improving work processes," said Mike Knellinger, chief information officer for CareSource. "TriZetto's comprehensive solution is integral to our smooth system migration and overall long-term success."
"TriZetto is a strong partner for fast-growing health plans like CareSource," said Tony Bellomo, president of TriZetto's software unit. "Our enterprise-wide system, combined with our expert hosting and implementation services, will help CareSource achieve immediate business benefits in a very short time. In particular, our hosting services will ensure a seamless transition as the customer assimilates a recent acquisition."
About CareSource
Established in 1989, CareSource is a non-profit organization that provides services exclusively to Medicaid consumers in Ohio. It is one of the 15 largest Medicaid health plans in the nation, based on enrollment, and offers all of the services that traditional Medicaid covers, plus extra benefits at no cost to members. Extra benefits include a 24-hour nurse hotline, nurses available for individualized health education, a gift certificate program for pregnant members, and transportation to some medical appointments. CareSource Management Group offers full-service administrative, consulting and turnaround services to managed healthcare programs in Ohio and other states.
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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