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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

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."