Medicare Physician Ownership Referral Reform Act of 1995

Medicare Physician Ownership Referral Reform Act of 1995 - Amends title XVIII (Medicare) of the Social Security Act to: (1) repeal the prohibition of physician referrals to certain entities with which the referring physician has a financial relationship if such relationship is based on compensation arrangements only; (2) eliminate reporting requirements under such provisions; (3) provide that such provisions preempt State law to the extent it is inconsistent; and (4) limit the designated health services subject to such prohibition to items and services furnished by a community pharmacy, magnetic resonance imaging and computerized tomography services, and outpatient physical therapy services.

Revises exceptions to such prohibition against physician referrals to an entity in which the referring physician has an ownership or investment relationship to: (1) repeal the site-of-service requirement for excepted in-office ancillary services; (2) revise the exceptions for services furnished in a rural area and for pre-paid plans; and (3) add new exceptions for shared facility services, services furnished in communities with no alternative providers, in ambulatory surgical centers, in renal dialysis facilities, in a hospice, or in a comprehensive outpatient rehabilitation facility, and designated health services for which a physician or physician group is paid only on a capitated basis by a health plan or insurer.

Amends the Omnibus Budget Reconciliation Act of 1993 to make its amendments to such physician referral limitations inapplicable until the Secretary of Health and Human Services promulgates final implementing regulations.