Symmetry updates accounting

Symmetry Medical (Warsaw, Indiana), a provider of products to the orthopedic device industry and other medical markets, issued an update of the previously reported review of accounting irregularities at its Sheffield, UK operating unit.

The company previously disclosed a preliminary estimate that the overstatement of revenue and income before taxes for the period 1999 through 2007 amounted to about $12 million to $16 million, and that the company's audit committee of its board had commenced an independent review.

Upon further review, management has identified additional potential irregularities in the financial reporting by its Sheffield, UK, operating unit, including the overstatement of inventory and other matters, and has revised its total estimated impact of the misstatements to be about $24 million to $28 million over the years currently under review, which may predate 1999.

AAH disputes Internet wheelchair pricing

The American Association for Homecare (AAH; Arlington, Virginia) is disputing the validity of using Internet prices for power wheelchairs as a basis for setting reimbursement rates for power wheelchairs provided to seniors and disabled beneficiaries in Medicare.

The association outlined its concerns in letters sent to Daniel Levinson, Inspector General for the U.S. Department of Health and Human Services Office of Inspector General (OIG), and to Congressman Pete Stark (D-California), who chairs the House Ways and Means Subcommittee on Health.

Tyler Wilson, president of the AAH, said: "This study and the inappropriate comparison of Medicare and Internet pricing will be used by some members of Congress to justify further cuts to power wheelchair Medicare reimbursement rates and defend the new competitive bidding program. We urge Congress to evaluate Medicare reimbursement for power wheelchairs in the correct context."