Medicare Value and Quality Act of 2003

Medicare Value and Quality Act of 2003 - Directs the Secretary of Health and Human Services to establish a mechanism for providing economic incentives to providers of inpatient hospital services that deliver high-quality health care at low costs to encourage the provision of high-quality cost-effective health care to beneficiaries under the Medicare program under title XVIII of the Social Security Act. Requires the Agency for Healthcare Research and Quality to establish a value and quality ranking methodology for the award of bonus payments to such providers.