Page:United States Statutes at Large Volume 120.djvu/3011

 120 STAT. 2980

PUBLIC LAW 109–432—DEC. 20, 2006

(B) PHYSICIAN REPORTING SYSTEM.—The term ‘‘physician reporting system’’ means the system established under section 1848(k) of the Social Security Act, as added by subsection (b). (C) REPORTING PERIOD.—The term ‘‘reporting period’’ means the period beginning on July 1, 2007, and ending on December 31, 2007. (D) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of Health and Human Services. (d) PHYSICIAN ASSISTANCE AND QUALITY INITIATIVE FUND.— Section 1848 of the Social Security Act, as amended by subsection (b), is further amended by adding at the end the following new subsection: ‘‘(l) PHYSICIAN ASSISTANCE AND QUALITY INITIATIVE FUND.— ‘‘(1) ESTABLISHMENT.—The Secretary shall establish under this subsection a Physician Assistance and Quality Initiative Fund (in this subsection referred to as the ‘Fund’) which shall be available to the Secretary for physician payment and quality improvement initiatives, which may include application of an adjustment to the update of the conversion factor under subsection (d). ‘‘(2) FUNDING.— ‘‘(A) AMOUNT AVAILABLE.—There shall be available to the Fund for expenditures an amount equal to $1,350,000,000. ‘‘(B) TIMELY OBLIGATION OF ALL AVAILABLE FUNDS FOR SERVICES FURNISHED DURING 2008.—The Secretary shall provide for expenditures from the Fund in a manner designed to provide (to the maximum extent feasible) for the obligation of the entire amount specified in subparagraph (A) for payment with respect to physicians’ services furnished during 2008. ‘‘(C) PAYMENT FROM TRUST FUND.—The amount specified in subparagraph (A) shall be available to the Fund, as expenditures are made from the Fund, from the Federal Supplementary Medical Insurance Trust Fund under section 1841. ‘‘(D) FUNDING LIMITATION.—Amounts in the Fund shall be available in advance of appropriations in accordance with subparagraph (B) but only if the total amount obligated from the Fund does not exceed the amount available to the Fund under subparagraph (A). The Secretary may obligate funds from the Fund only if the Secretary determines (and the Chief Actuary of the Centers for Medicare & Medicaid Services and the appropriate budget officer certify) that there are available in the Fund sufficient amounts to cover all such obligations incurred consistent with the previous sentence. ‘‘(E) CONSTRUCTION.—In the case that expenditures from the Fund are applied to, or otherwise affect, a conversion factor under subsection (d) for a year, the conversion factor under such subsection shall be computed for a subsequent year as if such application or effect had never occurred.’’. (e) IMPLEMENTATION.—For purposes of implementing the provisions of, and amendments made by, this section, the Secretary of Health and Human Services shall provide for the transfer, from

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