NEWPORT BEACH, Calif.--The TriZetto Group, Inc. (NASDAQ: TZIX) today announced that it has signed a definitive agreement to acquire privately held Plan Data Management, Inc., a leading provider of revenue enhancement software and administrative efficiency solutions for payers that service members in Medicare Advantage, Medicare Part D and Medicaid plans. The transaction is subject to customary closing conditions and is expected to close during the fourth quarter of 2006.
"Many payers are focused on government programs as a key growth area, but most of the vendors are fragmented and cannot offer solutions that are integrated with their transaction systems to effectively manage and optimize revenue from their Medicare Advantage programs," said Jeff Margolis, TriZetto's chairman and chief executive officer. "Bringing Plan Data Management into TriZetto adds new high-return solutions to our portfolio of software and services for payers and further leverages our expanding customer base."
"Joining with Trizetto offers us further opportunities to assist payers who are focusing on the Medicare market," said Stephen Jackson, managing director of Plan Data Management, who will continue to lead the group as part of TriZetto. "This is the fastest growing segment of the payer industry and is being driven by the Medicare Modernization Act and a rapidly aging population."
About Plan Data Management
Plan Data Management is a business solutions company focused on providing software and services to the healthcare industry. Founded in 1998, the company's primary products assist Medicare Advantage and Medicare Part D Plans to optimize revenue, reduce administration costs and improve compliance. The company's other products address fraud & abuse in the healthcare industry, and informatics for payer decision support. Clients are served from corporate offices in New York City by a management team with significant industry experience. plandatamgmt.com
Touching more than 35% of the U.S. insured population, TriZetto is distinctly focused on accelerating the ability of healthcare payers to lead the industry's transformation to consumer-retail healthcare. The company provides premier information technology solutions that enhance its customers' revenue growth, increase their administrative efficiency and improve the cost and quality of care for their members. Healthcare payers include national and regional health insurance plans, and benefits administrators that provide transaction services to self-insured employer groups. The company's broad array of payer-focused information technology offerings include enterprise and component software, hosting and business process outsourcing services, and consulting. Headquartered in Newport Beach, Calif., TriZetto can be reached at 949-719-2200 or at www.trizetto.com.
For TriZetto Group, Inc.
Brad Samson, 949-719-2220
Brian Bogie, 781-301-1052