New Trizetto FastTrak Solution Gives Medicare and Medicaid Health Plans a Strategic Edge
NEWPORT BEACH, CA -- May 2, 2005 -- Packaged BPO Option Combines Hosted Facets and Business Process Outsourcing; Key Benefits Include Speed to Market, Affordability and Sophisticated Functionality.
Medicare and Medicaid health plans now have a new option for capitalizing on these government markets and growing their businesses. The TriZetto Group Inc. (NASDAQ: TZIX) announced today the availability of FastTrak, a solution that uses pre-configured benefits and a prescribed implementation that speeds how quickly Medicare and Medicaid health plans can get up and running on Facets Extended Enterprise(TM) (Facets e2). Facets, TriZetto’s flagship administrative system, is currently used to process medical transactions for 22 percent of the managed Medicaid market and 17 percent of the Medicare Advantage market.
The growing popularity of Medicare Advantage accentuates the need for ready-made solutions that health plans can implement quickly. At the same time, Medicaid HMO plans are expected to multiply as cash-strapped states find themselves unable to fund these programs alone.
FastTrak offers health plans three delivery options: customers can fully outsource their Facets system and business services to TriZetto; they can have TriZetto host the system; or they can license Facets directly and run it themselves. With each of these options, implementation time can be less than six months.
FastTrak can be deployed by health plans of any size to reduce the time and expense of configuring and running Facets e2 from the ground up. The solution blends the technology and services expertise that TriZetto has obtained with its more than one hundred professional software implementations.
FastTrak BPO, which packages hosted Facets e2 software with business process outsourcing (BPO) services, provides the fastest speed-to-market and long-term administrative efficiencies. The hosted software is integrated with Medicare CMS and Medicaid state eligibility systems. Business services with the BPO option include eligibility and enrollment; billing and claims administration; mailroom and front-end data intake; and printing of checks, EOB and print-mail distribution.
Patricia Gorman, executive vice president of TriZetto’s Business Solutions unit, says that FastTrak BPO can be a real strategic advantage, especially for smaller Medicare and Medicaid plans.
“For a predictable monthly fee, FastTrak BPO quickly gives customers the functionality they need, while providing long-term technology and business management of the plan’s entire administrative solution,” says Gorman. “This enables them to shift their focus from day-to-day operations to big-picture strategic issues, helping them to grow their businesses in an increasingly challenging industry.”
The FastTrak Hosted option gives health plans the performance of Facets e2, configured for managed Medicaid and Medicare Advantage business and hosted in TriZetto’s HIPAA-compliant data center. With guaranteed service levels and predictable monthly charges, TriZetto manages all aspects of network setup and maintenance, connectivity security, and IT operations. Under this option, the health plan manages its own claims administration.
The FastTrak Licensed option is designed for health plans with the in-house resources to manage their administrative systems. It includes Facets e2, integrated with Medicare CMS and Medicaid state eligibility systems, as well as in-depth Facets training, implementation consulting, and a full suite of operational and financial reports.
“Facets is the proven solution for all health plan product lines, including government business,” says Gorman. “With FastTrak, we’re giving Medicaid and Medicare plans a choice of delivery models and services designed to meet their individual business needs. Our goal is to help them to take full advantage of evolving market trends.”
TriZetto serves the payer market, comprised of national and regional health insurance plans as well as benefits administrators, which provide transaction services to self-insured employer groups. The company offers a broad portfolio of information technology products - software, outsourcing services, and consulting services - tailored to the needs of healthcare payers. Headquartered in Newport Beach, Calif., TriZetto can be reached at (949) 719-2200 or www.trizetto.com.
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