Physician Shortage Elimination Act of 2007

Physician Shortage Elimination Act of 2007 - Amends the Public Health Service Act to authorize appropriations for FY2008-FY2012 to: (1) carry out the National Health Service Corps Scholarship Program and Loan Repayment Program to assure an adequate supply of physicians and other health professionals to provide primary health services; (2) assist schools in supporting programs of excellence in health professionals education for underrepresented minority individuals; and (3) assist individuals from disadvantaged backgrounds to undertake education to enter a health profession.

Allows the Secretary of Health and Human Services to make grants to community health centers to: (1) establish new or alternative-campus accredited medical residency training programs affiliated with a hospital or other health care facility; or (2) fund new residency positions within existing accredited medical residency training programs at the centers and their affiliated partners. Requires the Secretary to give preference to funding medical residency training programs focusing on primary health care.

Allows the Secretary, acting through the Administrator of the Health Resources and Services Administration (HRSA), to make grants to community health centers to: (1) increase the number of medical service providers associated with such centers; and (2) increase primary health care capabilities through the construction, expansion, or renovation of facilities.

Authorizes the Secretary to award grants to recipients of financial assistance for area health education center programs to improve the effectiveness of such programs.

Amends title XVIII (Medicaid) of the Social Security Act to make changes to the direct and indirect graduate medical education provisions regarding costs for the training program for purposes of counting the number of residents in a non-hospital setting. Sets forth requirements for a medical residency training program to be considered an accredited training program with an integrated rural track.