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TriZetto Secures Seven-Year, $100 Million ASP Contract With Altius Health Plans of Utah
NEWPORT BEACH, Calif. – July 18, 2001 – The TriZetto(R) Group, Inc. (Nasdaq: TZIX) recently signed an applications services provider (ASP) contract with Altius Health Plans, Inc., a Utah-based health maintenance organization (HMO) serving more than 100,000 members. The contract is expected to generate revenue of approximately $100 million over a seven-year term, and is subject to regulatory approval by the Utah Department of Insurance. Under the contract, TriZetto will host and manage administrative software and technology infrastructure for a fixed, predictable fee, and provide technical staffing and operational support at the customer site. Altius management will remain responsible for the day-to-day operations of the plan.
"This agreement demonstrates the value of TriZetto's broad ASP services model, including our onsite operational support capabilities," said Dan Spirek, president of TriZetto's ASP Solutions business unit. "Our approach allows Altius and other customers to focus on providing quality healthcare while we provide the information technology and on-site business services required for a well-run operation."
In addition to the ASP contract, TriZetto purchased Altius' service center in Salt Lake City, where administrative transactions for Altius, such as enrollment, billing and claims, are processed. TriZetto plans to use the center to serve other payer customers in addition to Altius.
"Altius patients, physicians and employer groups are the real beneficiaries of our investment in TriZetto's technology and services," said Val Christensen, chairman and CEO of Altius. "Since purchasing the health plan in 1998, Altius has made steady improvements in customer service and restored financial stability to the health plan. Our partnership with TriZetto is an important next step in that evolution."
About Altius Health Plans
Altius Health Plans, Inc., is a Utah-based health maintenance organization (HMO) serving 113,000 members through a variety of employer-sponsored benefit plans. Altius has an extensive network of community-based physicians and hospitals along Utah's Wasatch Front. The company's core management group has more than 75 years of combined healthcare experience in Utah. For more information, visit Altius' Web site at http://www.altiushealthplans.com.
About TriZetto
The TriZetto(R) Group, Inc., is an information technology and services company focused on the healthcare industry. TriZetto hosts and licenses software and provides Internet platforms, serving more than 500 customers. TriZetto's payer customers have more than 90 million enrollees, or approximately 40 percent of the U.S. insured population. TriZetto's ASP unit hosts third party and proprietary applications and provides business-outsourcing services. TriZetto's HealthWeb(R) technology allows health plans to exchange information and conduct business over the Internet with their providers, employers and members. HealtheWare(TM) develops and licenses premium Erisco and RIMS applications for payers and benefits administrators. Headquartered in Newport Beach, Calif., TriZetto can be reached at (949) 719-2200, www.trizetto.com.
This press release may contain 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, 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:
Investor Relations
Anna Marie Dunlap
949-719-2236
am.dunlap@trizetto.com
Media Relations
Jenny Lemos
480-657-9966, ext. 11
jlemos@cpronline.com
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