If you turn on the PDM, press confirm and see a blank screen with just "Last BG", "Last Bolus" and "IOB" written on it followed (after about 3 seconds) by a blank screen with an animated radio antenna (triangle with a dot at the top) and the middle-button legend "Skip", followed (after 5 seconds) by the original screen with data and "Pod status not available" there is no radio communication with the pod, but the PDM is working.
Unfortunately the new PDM/pod has a shorter range than the old one, or it's more sensitive to low signal levels. If I get a communication error I touch the PDM to the pod while retrying to make sure. If that doesn't work it has to be a defective pod.
Insulet should definitely be consulted. I assume they would ask whether the pod is still delivering your basal - is it still clicking every few minutes? If it really is a battery problem it won't be and you need to replace it urgently (but then, your blood sugar will probably have said this very soon ;-) Even if it is apparently delivering the basal I would still want to replace it ASAP; I'd make an urgent call to Insulet and if I couldn't get through just replace it anyway.