Blue Shield of California Launches Work on System-Wide Technology Upgrade with TriZetto's Facets Software.Improved Technology Infrastructure to Make Health Coverage Easier SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden & NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif. -- Blue Shield of California Blue Shield of California is a not-for-profit health insurance provider headquartered in San Francisco, California. An independent licensee of the Blue Cross and Blue Shield Association, Blue Shield of California is an incorporated, wholly owned subsidiary of California Physicians' has contracted with the TriZetto Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TZIX) to acquire software for a major system-wide technology upgrade expected to launch in 2009. The multi-year project is part of Blue Shield's strategy to make it easier to do business with the not-for-profit plan by improving data systems associated with claims processing, membership, customer service, sales channels, and new product development. TriZetto is providing a number of software systems, including Facets([R]), Facets[TM] Workflow, Facets[TM] eXtended Integration, NetworX Modeler[TM], NetworX Pricer[TM], web solutions and ITS Interface software; on-going application management services; and implementation consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. . "Overhauling our technology will allow us to better serve our consumers, business partners, insurance brokers and healthcare providers by enabling more efficient processes and tools," said Bob Novelli, executive vice president of customer services & corporate marketing at Blue Shield of California. "We are excited to have a trusted implementation partner in TriZetto to achieve that goal." Elinor MacKinnon, Blue Shield's senior vice president and chief information officer, added, "This is one of the largest and most important technology projects Blue Shield has ever undertaken. Upgrading our core technology and business systems is central to delivering on our commitment to making health coverage easier for Californians. With the selection of this software package, we are off to a strong start." Blue Shield of California chose TriZetto for its affiliations with many Blues plans and for being the industry-wide standard. Blue Shield of California represents the 79th payer and 16th Blue Cross Blue Shield Association member plan to standardize stan·dard·ize v. 1. To cause to conform to a standard. 2. To evaluate by comparing with a standard. on Facets. The contract was signed in January 2008 and is expected to comprise approximately $100 million of new contract bookings for TriZetto. A small portion of the revenue under this agreement will be recognized in the first quarter of 2008 and the remainder is expected to be recognized in future periods. "Our success with Blue Shield of California underscores the unique breadth, scalability and integration that TriZetto solutions offer to help payers improve productivity, enhance growth and accelerate new offerings and value for their members," said Tony Bellomo, TriZetto's executive vice president of product management. "I am proud of the strong partnership that was built between Blue Shield of California and TriZetto in this first part of the process. Leveraging that teamwork with our best practice implementation methodology, tools and templates will help assure a successful technology upgrade for Blue Shield of California." About Blue Shield of California Blue Shield of California, an independent member of the Blue Shield Association, is a not-for-profit health plan dedicated to providing Californians with access to high quality care at a reasonable price. Founded in 1939, it now has 3.2 million members, 4,500 employees, one of the largest provider networks and more than 20 office locations, providing a wide range of commercial and government products throughout the state. The company has contributed $100 million over the past three years to the Blue Shield of California Foundation to fund nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that improve access to quality health care in California. Contact your local agent or broker for more information about Blue Shield products and services, or visit the Blue Shield web site at www.blueshieldca.com. Blue Shield and the Shield Symbols are registered service marks of the Blue Cross and Blue Shield Association
About TriZetto TriZetto is Powering Integrated Healthcare Management[TM]. With its technology touching nearly half of the U.S. insured population, TriZetto is uniquely positioned to drive the convergence of health benefit administration, care management and constituent engagement. The company provides premier information technology solutions that enable payers and other constituents in the healthcare supply chain to improve the coordination of benefits and care for healthcare consumers. Healthcare payers include national and regional health insurance plans, and benefits administrators that provide transaction services to self-insured employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. . The company's payer-focused information technology offerings include enterprise and component software, hosting and business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in services, and consulting. Headquartered in Newport Beach, Calif., TriZetto can be reached at 949-719-2200 or at www.trizetto.com. Important Notice Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements include statements about contract bookings and possible future revenue. Actual results may differ materially from those stated in any forward-looking statements based on a number of factors. Specifically, recognition of revenue under TriZetto's contract with Blue Shield of California described in this press release is subject to the acceptance by Blue Shield of California of certain software modifications and deliverables to be provided by TriZetto and certain other conditions. TriZetto undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. |
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