Medicare Payment for Quality and Value Act of 2003 - Directs the Secretary of Health and Human Services to establish demonstration projects to improve care provided to Medicare beneficiaries with high-volume and high-cost conditions and for which payment is made under Medicare. Directs the Secretary to increase payments under Medicare to health care providers in low-cost high-quality States that adhere to quality standards identified by the Secretary. Defines a low-cost high-quality State as a State meeting certain cost and quality efficiency standards.Directs the Secretary to accept proposals for projects in low-cost high-quality States from entities planning to include multiple public and private payers and a majority of practicing physicians in the State.Allows the Secretary to waive compliance with such requirements of the Medicare program to the extent and for the period necessary to conduct demonstration projects under this Act.Directs the Secretary to enter into an agreement with the Institute of Medicine of the National Academy of Sciences under which the Institute shall conduct a study on clinical outcomes, performance, and quality of care under the Medicare+Choice program under the Social Security Act.
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