-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I8hTSbgMDAYb17W2wsIEC7BfESX41nfzmJtzmBZSik6EML8BXDkjDKvpcHJTogJy /JDXz2pp7Su50PZchuErPA== 0000742112-06-000036.txt : 20061113 0000742112-06-000036.hdr.sgml : 20061113 20061113165503 ACCESSION NUMBER: 0000742112-06-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061113 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20061113 DATE AS OF CHANGE: 20061113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVACARE CORP CENTRAL INDEX KEY: 0000742112 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 952680965 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15103 FILM NUMBER: 061209689 BUSINESS ADDRESS: STREET 1: ONE INVACARE WAY STREET 2: P O BOX 4028 CITY: ELYRIA STATE: OH ZIP: 44036 BUSINESS PHONE: 4403296000 8-K 1 nov138k.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): November 13, 2006 INVACARE CORPORATION -------------------- (Exact Name of Registrant as Specified in its Charter) OHIO ---- (State or Other Jurisdiction of Incorporation) 0-12938 95-2680965 ------------------- ------------------- (Commission File No.) (IRS Employer Identification No.) One Invacare Way, P.O. Box 4028, Elyria, Ohio 44036 ---------------------------------------------------- (Address of Principal Executive Offices) (440) 329-6000 -------------- (Registrant's Telephone Number, Including Area Code) - -------------------------------------------------------------------------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 204.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 7.01.Regulation FD Disclosure. On November 13, 2006, Invacare Corporation issued a press release responding to CMS revisions to power mobility device fee schedule. The press release is furnished herewith as Exhibit 99.1. Item 9.01.Financial Statements and Exhibits. (d) Exhibits Exhibit 99.1 Press release dated November 13, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Invacare Corporation By: /s/ Gregory C. Thompson --------------------------- Gregory C. Thompson Chief Financial Officer Date: November 13, 2006 EX-99 2 exhibit.txt EXHIBIT 99.1 Exhibit 99.1 Contact: Investor Inquiries Gregory C. Thompson 440-329-6111 Media Inquiries Lara L. Mahoney 440-329-6393 NEWS RELEASE INVACARE CORPORATION RESPONDS TO CMS REVISIONS TO POWER MOBILITY DEVICE FEE SCHEDULE ELYRIA, Ohio (November 13, 2006) - On November 9, 2006, the Centers for Medicare and Medicaid Services (CMS) released revisions to previously announced reimbursement levels for power wheelchairs scheduled to take effect on November 15, 2006. Compared to the previously announced fee schedule, the changes will significantly improve access to the medically appropriate power mobility devices (PMD) for disabled consumers of custom rehab products. The revised fees are significantly higher for many commonly used codes than the set of fees released on October 2, 2006, particularly in the area of Group 3 (custom rehab) PMDs. In addition, the fee for the most commonly provided standard geriatric mobility (Group 2) PMD will also increase somewhat by approximately $300 compared to the fees announced in October, but are still 28% below prevailing prices. The new fee schedule for PMDs will still take effect on November 15, 2006, as previously announced. "Invacare is pleased that CMS listened to the serious concerns and issues associated with the impact that the October 2, 2006 fees for power mobility devices would have on consumer access to these devices," said A. Malachi Mixon, III, chairman and chief executive officer of Invacare Corporation. "The October 2 fees illustrate the fatal flaws inherent in CMS using the gap-fill method to establish new fees for any products. We look forward to working with CMS to develop a new method to establish fees for new codes that will ensure appropriate and continuing beneficiary access. We also look forward to working with CMS to revise their documentation standards which currently require providers to obtain onerous levels of physician documentation for power wheelchair reimbursement." While there are significant improvements with the November 9, 2006 fees, there remain issues with several of the codes. For example, within Group 3 products, payment levels for products with single power and multiple power options will be paid at virtually the same rate. This is despite the fact that the Group 3 multiple power option products must include more expensive expandable electronics. In addition, there remain serious payment reductions on Group 2 consumer power products. In a positive move, Invacare appreciates the fact that CMS eliminated Medicare fees for Group 4 and 5 chairs, items that are not typically paid for by the Medicare Program. State Medicaid programs will need to develop new fee schedules for codes in these two categories. "It is amazing to see the industry come together to raise our concerns over the disastrous initial fee schedule. The tremendous support of disabled consumer advocate organizations, media and Members of Congress, including Ohio Senators and Representatives, working with CMS is what helped to make these changes happen. The revised fees in the area of custom rehab are significantly increased but generally lower than reimbursement levels today so that providers will still need to modify their business models to succeed. Consumer Power reimbursement levels, while increased from the original fee schedule, are still dramatically reduced from today's level. These changes reduce the credit risk to Invacare in the custom rehab sector; however, credit risk to the Consumer Power sector remains," continued Mixon. Invacare Corporation (NYSE: IVC), headquartered in Elyria, Ohio, is the global leader in the manufacture and distribution of innovative home and long-term care medical products that promote recovery and active lifestyles. The company has 5,900 associates and markets its products in 80 countries around the world. For more information about the company and its products, visit Invacare's website at www.invacare.com. ### -----END PRIVACY-ENHANCED MESSAGE-----