|By Business Wire||
|March 6, 2014 09:03 AM EST||
The company reported full-year results with revenues of $676 million, driving record earnings and a near-record year-end cash balance. The results were driven by the addition of 11 health plan core administration clients and eight care management clients, bringing the total number of clients to 252 and 28, respectively.
Financial results were also bolstered by growth in consulting revenues, driven by a record number of new client implementations and reform-compliant solution upgrades, as 53 clients are now live on Health Insurance Exchanges in 30 states. The company also saw a dramatic uptake in its application management and business process management offerings, bringing the number of health plans using managed services as a way to pare administrative costs and improve service quality for their members to more than 150.
Performance in the company’s provider business unit was equally strong with record revenue and earnings as the company eclipses the 200,000 physician mark, more than tripling its physician client base over the past three years.
“Healthcare reform and new government regulations such as ICD-10, have been driving tremendous demand for our products and services over the past three years, leading to record results,” said Jude Dieterman, TriZetto’s president and chief operating officer. “Healthcare providers are increasingly looking for outsourced solutions to help them administer medical payments and deliver patient care. TriZetto’s unique ability to help streamline business administrative processes between providers and health plans and our advanced ICD-10 readiness solution were keys to success last year.”
“We are very pleased to have delivered such strong financial performance last year,” said Doug Barnett, TriZetto’s chief financial officer. “It is a tribute to the strength of our solutions, the dedication of our associates, and the trust that our clients place in us to help them succeed.”
About TriZetto Corporation
TriZetto Corporation provides world-class information technology and service solutions that help payers and providers work more efficiently and collaborate to deliver better health. TriZetto solutions touch over half the U.S. insured population and reach more than 200,000 care providers. TriZetto helps healthcare organizations enhance administrative efficiency; improve the cost, quality and delivery of care; address compliance; and compete to win in an emerging retail market. Payer solutions include benefits administration, care management, network management and portal platforms, as well as consulting, application management and business management services. Provider solutions include real-time eligibility assurance, claims editing, revenue cycle management technology and services that help providers get paid quickly and accurately. For more information, visit www.trizetto.com.