To amend title XVIII of the Social Security Act to continue the 2001 conversion factor under the Medicare physician fee schedule for the first 6 months of 2002, and for other purposes.

Amends title XVIII (Medicare) of the Social Security Act to set the conversion factor (update) for payments under the Medicare physician fee schedule for the first six months of 2002 at the conversion factor for 2001. Declares that this conversion factor and a specified update adjustment factor for services furnished on or after July 1, 2002, shall be applied as if this Act had not been in effect.

Directs the Medicare Payment Advisory Commission (MEDPAC) to study and report to Congress on replacing or modifying the use of the sustainable growth rate as a factor in determining the update for such payments such that the factor used more fully accounts for changes in the unit costs of providing physicians' services.