To repeal certain provisions of the Patient Protection and Affordable Care Act relating to the limitation on the Medicare exception to the prohibition on certain physician referrals for hospitals and to transparency reports and reporting of physician ownership or investment interests.

Amends the Patient Protection and Affordable Care Act (PPACA) to repeal: (1) the prohibition against Medicare participation by physician-owned hospitals that do not have a provider agreement by August 1, 2010, which nonetheless allows their Medicare participation under a rural provider and hospital exception to a specified ownership or investment prohibition if they meet certain requirements; and (2) the requirement that drug, device, biological and medical supply manufacturers report to the Secretary of Health and Human Services (HHS) any transfers of value made to a physician, physician medical practice, a physician group practice, and/or teaching hospital, as well as information on any physician ownership or investment interest in the manufacturer.

Restores or revives related previous law amended or repealed by PPACA as if PPACA had not been enacted.