RealTime IT News

TriZetto Buys Tech From ChannelPoint

The TriZetto Group, Inc. , which supplies the healthcare industry with IT products and services, Wednesday said it has signed an agreement to acquire certain employees, intellectual property and assets from the healthcare division of ChannelPoint, Inc. for an undisclosed amount.

Newport Beach, Calif.-based TriZetto provides proprietary and third party software on a licensed or hosted basis, e-business applications, consulting services and business services, such as claims, billing and enrollment processing.

Westminster, Colo.-based ChannelPoint's technology automates the process of issuing, underwriting, administering and servicing health insurance policies. Among other products, ChannelPoint developed Commerce Broker, an application that automates interactions between payers and insurance brokers, which helps rapid turnaround on price quotes, employer risk ratings, and proposal generation.

TriZetto said it would hire former ChannelPoint employees to continue maintaining and providing technical support for the Commerce Broker application.

"The talent, technology and domain expertise we acquired from ChannelPoint are important additions to our company," said TriZettos Business Solutions division president Dan Spirek. "The transaction will allow our software division to expedite the development of our HealthWeb e-Broker product. e-Broker will allow payers to sell healthcare benefit plans over the Internet, thus reducing costs and improving service to brokers and small employers. Also, we are now in a better position to work with other technology suppliers and health plans that have or are developing Internet selling capabilities."

In connection with the ChannelPoint transaction, TriZetto signed a 30-month license and software support agreement with UnitedHealthcare. Under the contract, TriZetto will maintain and support the Commerce Broker application for UnitedHealthcare's Small Business Unit.