Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to use a competitive process…

Official title: To amend title XVIII of the Social Security Act to authorize the Secretary of Health and Human Services to enter into contracts with providers of services to furnish certain inpatient hospital services at an all-inclusive rate of payment.

Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to use a competitive process to contract with specific hospitals or other entities to be Centers of Excellence furnishing in a geographic area certain inpatient hospital services (both related and unrelated to surgical procedures), and any other appropriate Medicare services (including post-hospital services), with payment to be made on the basis of negotiated all-inclusive rates. Limits Center of Excellence eligibility to entities that meet quality standards established by the Secretary, and allows them, subject to Secretary approval, to furnish additional services or to waive beneficiary cost-sharing as incentives for the use of such centers.