Preserving Patient Access to Physicians Act of 2005 - Amends title XVIII (Medicare) of the Social Security Act with respect to payment for physicians' services to: (1) eliminate the sustainable growth rate payment update system; and (2) establish in its place an update to the single conversion factor for 2006 of at least 2.7 percent, and a formula for an update to the single conversion factor for years beginning with 2007.
Requires the Secretary of Health and Human Services, in calculating the formula for the single conversion factor, to establish an input price index and estimate annually a productivity adjustment factor.