Advancing Access to Precision Medicine Act This bill requires the Department of Health and Human Services to enter into an arrangement with the National Academy of Medicine for the academy to study usage of genetic and genomic testing, including how to reduce barriers to the utilization of such testing. The bill allows states to apply for an exception to Medicaid's federal medical assistance percentage rate to provide whole genome sequencing clinical services to certain children, including those admitted to a pediatric intensive care unit for a chronic or undiagnosed disease and those suspected to have a pediatric-onset genetic disease.