A bill to provide for a comparison study of the costs and other factors associated with establishment of reimbursement guidelines for respiratory therapy.

Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health, Education, and Welfare to: (1) conduct a study, containing specified analyses, with regard to the cost effectiveness of the hourly salary equivalent reimbursement system which is currently required for determining the payment to providers for therapy services or services of health-related personnel (other than physicians); and (2) report such study to the appropriate congressional committees within two years of enactment.

Suspends the guidelines for respiratory therapy services under Medicare pending submission of such study, and requires that Medicare costs for reimbursement of respiratory therapy services furnished under arrangements be evaluated so that such costs do not exceed what a prudent and cost- conscious buyer would pay for the given service in accordance with current Federal regulations.