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Intersect ENT's Sinuva drug device. Photo: Intersect ENT

The federal government is holding public meetings next week to decide whether to create new Medicare billing code for 42 drugs and devices.

Why it matters: Many mundane Medicare policies and regulations, like new billing codes, are carried out under the radar. But those policies affect billions of dollars, and one company is already feeling a negative effect from a potentially adverse Medicare ruling.

The details: Several drug and medical device companies submitted applications to the Centers for Medicare & Medicaid Services so their products can get a Medicare billing code — and they can get paid when those products are used.

  • The public agendas show CMS is rubber-stamping almost all of the applications for new permanent codes.

Yes, but: There's one major exception. CMS won't assign a new code to Sinuva, a sinus drug implant made by Intersect ENT, according to a preliminary decision.

  • Intersect ENT's stock price fell by more than 10% Monday, equating to a market cap loss of $130 million.
  • Wall Street analysts believe it is a "clerical error" and will change after company executives meet with federal officials next week.
  • Final decisions come in November, so there's still plenty of time for lobbying and persuasion.

The big picture: This is the busy part of Medicare regulation season. The feds just released proposed rules and payment rates for inpatient hospitals and other facilities that treat seniors. In addition to these new code rulings, look out for new Medicare rules for physicians, hospital outpatients and surgery centers.

Go deeper

30 mins ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport when the gang abducted them in Port-au-Prince, Haitian security officials said, per the NYT.

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro. Security forces placed six U.S. oil executives under house arrest later Saturday, per AP.

Kenosha shooting lawsuit accuses police of coordinating with militia

Police and protesters confront in front of the Kenosha County Courthouse on Aug. 25, 2020. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The only survivor of a fatal shooting in Kenosha, Wisconsin, during protests last year has accused law enforcement in a lawsuit of conspiring with a "band of white nationalist vigilantes," the Washington Post reported Saturday.

Of note: Kyle Rittenhouse, 18, is due to stand trial on Nov. 1, accused of wounding Gaige Grosskreutz, who filed the suit, and killing two other people protesting the police shooting of Jacob Blake on Aug. 25, 2020. He's pleaded not guilty to charges including homicide and attempted homicide and maintains he fired in self-defense.