Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Nevit Dilmen / Wikimedia Commons

Large medical device companies and orthopedic surgeons are encouraging Department of Health and Human Services secretary Tom Price to lock in a proposal in which Medicare would pay significantly more for ankle replacement surgeries. The ankle industry's heft is almost certain to make the pay raise official once the final rule is released within the next month.

Why it matters: The first Medicare payment rule overseen by Price, an orthopedic surgeon by training, would steer millions of extra dollars toward his physician colleagues as well as medical device firms that make the screws, implants and other components of ankle replacement surgeries.

The proposal: Clinical advisers at the Centers for Medicare and Medicaid Services said Medicare should pay more for total ankle replacements in 2018 by moving those surgeries into a higher-paying Medicare code. Average base payment rates for ankle surgeries would increase by 50%, to more than $22,000. Private insurers often follow Medicare's lead and could feel pressured to pay more for the procedures.

What they're saying: The proposal is getting full-throated support from medical device companies that make ankle surgery products, including Stryker, Wright Medical Group and Integra LifeSciences. The Advanced Medical Technology Association and Medical Device Manufacturers Association, two big lobbying groups for medical device manufacturers, and the American Academy of Orthopaedic Surgeons also urged the federal government to finalize the pay raise.

Doctors and device companies have wanted this change for several years and now are on the brink of getting it with Price and CMS Administrator Seema Verma at the helm. The rule likely will come out no later than the beginning of August.

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.