The two-sided bimodality property of Alternate Rician Shadowed (ARS) fading channels makes it a suitable fading model for body-centric wireless communication. The ARS fading model consists of two fluctuating specular components in which only one is active at a time. To provide excellent spectral efficiency with higher quality of service, system transmitter employs an adaptive transmission scheme. This paper derives the exact closed-form expressions of the ARS fading channels capacity. Various adaptive transmission schemes such as channel inversion with a fixed-rate, truncated channel inversion with a fixed-rate, and optimal rate adaptation are considered. A comparison of these schemes is also highlighted. Performance expressions such as binary bit error rate for various coherent and non-coherent modulation schemes and the outage probability are also derived. The derived results are plotted and analyzed for varying fading parameters of the ARS channel. Finally, the results of all performance metrics are verified with Monte-Carlo simulation results.