CNN is reporting that Donald Trump's nominee for HHS secretary, U.S. Rep. Tom Price, bought shares in Zimmer Biomet a week before introducing a bill to delay the comprehensive joint replacement bundled payment program.
Last spring, Price bought between $1,001 to $15,000 worth of shares in Zimmer Biomet, according to House records reviewed by CNN. The legislation Price introduced would have directly benefited Zimmer Biomet, which then donated to Price's reelection campaign.
President-elect Donald Trump's nominee for HHS secretary has faced concerns about his stock trades for the past few weeks, with Senate Democrats asking for an investigation into his deals.
The Wall Street Journal reported last month that Price traded roughly $300,000 in shares in health companies while sitting on the health subcommittee of the House Ways and Means Committee.
The concerns led Price to say he would divest from 43 companies.
Price will testify before the Senate health committee on Wednesday and must also face the Senate Finance Committee.
Price has been vocal about his opposition to CMS regulation that would change the way providers and medical devicemakers are paid for hip and knee implants. In September, he wrote to the CMS asking the agency “cease all current and future planned mandatory initiatives” under the Center for Medicare & Medicaid Innovation, which develops and pilots value-based payment models, like the CJR program.
The letter not only slammed the CMS Innovation Center as having “exceeded its authority (and) failed to engage stakeholders” but also criticized its policies and proposals as having “potentially negative effects on patients,” especially seniors, because they could limit access to care by fostering consolidation and reducing doctors' participation in Medicare.
Price also co-sponsored legislation to block the proposed Medicare Part B payment model.