Community Cancer Care Preservation Act of 2007 - Amends title XVIII (Medicare) of the Social Security Act to require determination and calculation of the manufacturer's average sales price for a drug or biological on a monthly instead of a quarterly basis. Requires the payment amounts to be updated and applied by the Secretary of Health and Human Services based on the manufacturer's average sales price for the drug or biological calculated for the most recent month for which data are available. Removes prompt pay discounts from the calculation of such price.
Provides for an increase in the Medicare part B (Supplementary Medical Insurance) payment for chemotherapy administration services.
Directs the Secretary to make an additional 2% for any drug administration services payment to physicians, taking into account pharmacy facilities management costs.
Directs the Secretary to develop new CPT codes for reporting and billing of physician's services associated with pharmacy facilities management and with medical oncology treatment planning.