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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 21, 1999
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VENCOR, INC.
(Exact name of registrant as specified in its charter)
Delaware 001-14057 61-1323993
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation or organization) Identification No.)
One Vencor Place
680 South Fourth Street
Louisville, Kentucky
(Address of principal executive offices)
40202-2412
(Zip Code)
Registrant's telephone number, including area code: (502) 596-7300
Not Applicable
(Former name or former address, if changed since last report.)
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Items 1-4. Not Applicable.
Item 5. Other Information.
Vencor, Inc. (the "Company") announced that it has reached an agreement with
the Health Care Financing Administration ("HCFA") to extend the repayment of
approximately $90 million of Medicare reimbursement overpayments. The Company
will now be obligated to repay the overpayment over 60 monthly installments. The
Company previously had announced that the full overpayment amount was due to
HCFA by April 23, 1999.
Under the agreement, monthly payments of approximately $1.5 million are due
commencing May 8, 1999. After November, the remaining balance of the
overpayments will bear interest at a statutory rate applicable to Medicare
overpayments, as in effect on November 30, 1999. Assuming that the current rate
of 13.75% is in effect on November 30, 1999, the monthly payment amount will be
approximately $2.0 million through March 2004. If the Company is delinquent with
two consecutive payments under the repayment plan, the plan will be defaulted
and all subsequent Medicare reimbursement payments to the Company will be
subject to being withheld.
Certain statements set forth above, including, but not limited to,
statements containing the words "anticipates," "believes," "expects," "intends,"
"will," "may" and similar words constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such forward-
looking statements are based on management's current expectations and include
known and unknown risks, uncertainties and other factors, many of which the
Company is unable to predict or control, that may cause the Company's actual
results or performance to differ materially from any future results or
performance expressed or implied by such forward-looking statements. These
statements involve risks, uncertainties and other factors detailed from time to
time in the Company's filings with the Securities and Exchange Commission. Such
factors may include, without limitation, the Company's ability to amend or
refinance its existing debt and lease obligations or otherwise adjust its
current financial structure, the increase in the Company's cost of borrowing,
its ability to attract patients and the effects of healthcare reform and
legislation on the Company's business strategy and operations. The Company
cautions investors that any forward-looking statements made by the Company are
not guarantees of the future performance. The Company disclaims any obligation
to update any such factors or to announce publicly the results of any revisions
to any of the forward-looking statements included herein to reflect future
events or developments.
A copy of the press release is included as an exhibit to this filing and is
incorporated herein by reference.
Item 6. Not Applicable.
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Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
Exhibit 99.1 Press Release dated April 21, 1999.
Items 8-9. Not Applicable.
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.
VENCOR, INC.
Dated: April 22, 1999 By: /s/ Jill L. Force
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Jill L. Force
Senior Vice President, General
Counsel and Secretary
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Exhibit 99.1
[Logo of Vencor, Inc. appears here]
CONTACT: Richard A. Schweinhart
Senior Vice President and Chief Financial Officer
(502) 596-7379
Richard A. Lechleiter
Vice President, Finance,
Corporate Controller and Treasurer
(502) 596-7734
VENCOR AND MEDICARE AGREE TO EXTENDED PAYMENT TERMS FOR
REIMBURSEMENT OVERPAYMENTS
LOUISVILLE, Ky. (April 21, 1999) Vencor, Inc. (NYSE: VC) today announced
that it has reached an agreement with the Health Care Financing Administration
("HCFA") to extend the repayment of approximately $90 million of Medicare
reimbursement overpayments. The Company will now be obligated to repay the
overpayment over 60 monthly installments. The Company previously had announced
that the full overpayment amount was due to HCFA by April 23, 1999.
Under the agreement, monthly payments of approximately $1.5 million are due
commencing May 8, 1999. After November, the remaining balance of the
overpayments will bear interest at a statutory rate applicable to Medicare
overpayments, as in effect on November 30, 1999. Assuming that the current rate
of 13.75% is in effect on November 30, 1999, the monthly payment amount will be
approximately $2.0 million through March 2004. If the Company is delinquent with
two consecutive payments under the repayment plan, the plan will be defaulted
and all subsequent Medicare reimbursement payments to the Company will be
subject to being withheld.
Vencor is a long-term healthcare provider operating hospitals, nursing
centers and contract ancillary services in 46 states.
Certain statements made in this press release, including, but not limited
to, statements containing the words "anticipates," "believes," "expects,"
"intends," "will," "may" and similar words constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on management's current expectations
and include known and unknown risks, uncertainties and other factors, many of
which the Company is unable to predict or control, that may cause the Company's
actual results or performance to differ materially from any future results or
performance expressed or implied by such forward-looking statements. These
statements involve risks, uncertainties and
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other factors detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Such factors may include, without
limitation, the Company's ability to amend or refinance its existing debt and
lease obligations or otherwise adjust its current financial structure, the
increase in the Company's cost of borrowing, its ability to attract patients and
the effects of healthcare reform and legislation on the Company's business
strategy and operations. The Company cautions investors that any forward-looking
statements made by the Company are not guarantees of the future performance. The
Company disclaims any obligation to update any such factors or to announce
publicly the results of any revisions to any of the forward-looking statements
included herein to reflect future events or developments.
