Medicare Physician Payment Reform Act of 2005 - Amends title XVIII (Medicare) of the Social Security Act to provide that the update to the single conversion factor in the formula for payment of physicians' services for 2006 and 2007 shall not be less than 1.5%.
Directs the Medicare Payment Assessment Commission (MEDPAC) to report to Congress on approaches to controlling aggregage spending for physician services in order to maximize efficiency and maintain beneficiary access to high-quality care under Medicare part B (Supplementary Medical Insurance).
Repeals Medicare cost containment provisions under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.
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