Air Ambulance Quality and Accountability Act This bill amends title XVIII (Medicare) of the Social Security Act to modify standards and payment for air-ambulance services under the Medicare Program. The Department of Health and Human Services (HHS) shall establish minimum standards that must be met by air-ambulance suppliers and providers as a condition of their participation in Medicare. These standards must address: (1) scope of practice, training, and clinical capability; (2) medical equipment and vehicle attributes; (3) documentation; (4) medical direction and oversight; (5) reporting of specified events; (6) patient safety and infection control; (7) clinical quality-management and performance-improvement programs; and (8) particular populations. An air-ambulance provider or supplier that is accredited by an HHS-approved organization shall be deemed to be in compliance with these standards. HHS must establish an air-ambulance quality-reporting and performance program under which Medicare payment is determined according to a specified performance-based formula. Performance measures shall address patient safety, clinical quality, and over-triage. An air-ambulance provider or supplier must, subject to suspension of payment under Medicare, annually submit specified cost data to HHS. The Medicare Payment Advisory Commission shall report to Congress on whether changes should be made with regard to reimbursement of air-ambulance providers and suppliers under Medicare.