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TriZetto Announces Software Agreement With Cooperativa De Seguros De Vida De Puerto Rico
-COSVI-
NEWPORT BEACH, Calif. – May 7, 2002 – The TriZetto(R) Group, Inc. (Nasdaq:TZIX) has signed a software licensing agreement with COSVI ("Life Insurance Cooperative of Puerto Rico") for its COSVIMED health plan division, based in San Juan, Puerto Rico. COSVIMED purchased two TriZetto products - Facets(R), a comprehensive managed care administrative system; and TriZetto HIPAA Gateway(TM), which receives, routes, stores and queries electronic transactions in compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA).
According to Carlos Fernandeza, president of COSVI, TriZetto's systems will help COSVIMED address the same information technology (IT) issues facing many healthcare payers today: the need to upgrade to a scalable, flexible administrative system to handle HMO, PPO and other diversified health plan products, and the need to comply with HIPAA transaction and privacy rules.
"Facets and HIPAA Gateway will allow us to process all of our clinical and financial transactions on an integrated, HIPAA-ready system," said Minerva Rivera, vice president of operations, COSVIMED. "We're confident that TriZetto's products will meet our needs well into the future."
TriZetto is a comprehensive source of healthcare IT products and services, including enterprise and e-business applications, software hosting, business services and consulting. "TriZetto's exclusive focus on healthcare is an important benefit to our customers," said Tony Bellomo, president of TriZetto's HealtheWare(TM) unit. "We understand the business complexities and regulatory issues in the industry and design our solutions accordingly."
About TriZetto
The TriZetto(R) Group, Inc. offers a broad portfolio of healthcare IT products and services that can be delivered individually or combined to create a comprehensive solution. The company provides proprietary and third-party software on a licensed or hosted basis, e-business applications, consulting services and business services, such as claims, billing and enrollment processing. Focused exclusively on healthcare, TriZetto serves more than 500 payers, providers and benefits administrators. Its customers serve more than 100 million health plan members, or approximately 40 percent of the insured population of the United States. Headquartered in Newport Beach, Calif., TriZetto can be reached at (800) 569-1222, 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, 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
Margie McCarthy
303-495-7225
margie.mccarthy@trizetto.com
Schwartz Communications
Caroline Pavis
781-684-0770
trizetto@schwartz-pr.com
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