Medicare Physician Payment Fairness Act of 2001

Medicare Physician Payment Fairness Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to set the conversion factor (update) for payments under the Medicare physician fee schedule for 2002 at 0.9 percent less than the conversion factor for 2001. Declares that this conversion factor and a specified update adjustment factor for a year after 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 the use of the sustainable growth rate as a factor in determining the update for such payments with a factor that more fully accounts for changes in the unit costs of providing physicians' services.