A bill to amend the Immigration and Nationality Act with respect to the admission and status of aliens who are graduates of foreign medical schools.

Amends the Immigration and Nationality Act to eliminate a medical specialty certificate from the American Board of Medical Specialties as an admission requirement for an alien graduate of a foreign medical school practicing in the United States as of March 1, 1978. Provides that such an alien's stay shall be the time normally required to complete a designated course of medical study (presently two years with a one year extension). Permits such an alien to change his/her designated course of medical study upon approval of the Director of the International Communication Agency once within two years after entry or acquisition of exchange visitor status (presently must continue course of education under which admitted to the United States). Makes such provisions applicable to those aliens entering the United States on or after January 10, 1978.

Includes within the definition of "special immigrant" certain alien physicians (and families) practicing medicine in a State as of January 9, 1978, who: (1) entered the United States before January 1, 1974; or (2) entered the United States between January 1, 1974, and January 10, 1977, and practiced in a physician shortage area for at least 48 months.

Authorizes the Attorney General to suspend deportation (and adjust status to that of a permanent resident) of an alien physician (and family) currently working or intending to work in a physician shortage area.

Directs the Secretary of Health and Human Services, after consultation with the Attorney General, the Secretary of State, and the Director of the International Communication Agency, to report to Congress within two years of enactment of this Act concerning the value of medical exchange programs.