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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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HACs Are Here to Stay: CMS Finalizes Medicaid Payment Adjustments For Healthcare Acquired Conditions

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August 10, 2011

In an earlier edition of Health Reform IMPACT,1 we reported on the proposed rule by the Centers for Medicare & Medicaid Services ("CMS") that would implement health reform-mandated Medicaid payment adjustments for Provider-Preventable Conditions ("PPCs"). CMS has now finalized these payment adjustments in a rule published June 6, 2011 (the "Final Rule").2 Apart from providing general clarifications and making the change to the effective date discussed below, the Final Rule is largely unchanged from the Proposed Rule.

New Effective Date

As proposed, the Final Rule was scheduled to go into effect on July 1, 2011. Recognizing the difficult timeframes involved, however, CMS has delayed the Final Rule’s effective date until July 1, 2012, to allow states time to offer adequate guidance to providers.

General Clarifications

The preamble commentary to the Final Rule clarifies the following:

  • Conditions identified as Medicare’s hospital-acquired conditions ("HACs"), known for purposes of Medicaid as healthcare-acquired conditions ("HCACs"),3 as well as conditions identified in three Medicare National Coverage Determinations ("NCDs"),4 are the minimum requirement for state PPC non-payment policies.
  • States have the flexibility, if desired, to identify additional conditions as PPCs under their Medicaid programs.
  • Although the three Medicare NCDs are applicable in any healthcare service setting where these events may occur, the HCAC category applies only to inpatient hospital settings under Medicaid. There are no payment reductions for conditions existing prior to treatment by the provider or on admission to the hospital. Further, payment reductions are limited to PPCs that would otherwise result in a payment increase and those that a state can "reasonably isolate for nonpayment the portion of the payment directly related to treatment for, and related to, the [PPC]."5

If you have questions regarding the information in this alert, please contact any of the attorneys in our Healthcare Practice Group.


1  See "HACs Come To Medicaid: Another Quality Payment Adjustment," March 24, 2011.
2  76 Fed. Reg. 32816 (June 6, 2011).
3  The Final Rule incorporates conditions identified as Medicare’s HACs with the exception of Deep Vein Thrombosis/Pulmonary Embolism ("DVT/PE") as related to total knee replacement and total hip replacement for pediatric and obstetric populations.
4  The three NCDs include: Surgery on the wrong patient, wrong surgery on a patient, and wrong site surgery.
76 Fed. Reg. 32816, 32819 (June 6, 2011).


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