Innovative Maternal Payment and Coverage To Save Moms Act or the IMPACT to Save Moms Act This bill requires the Centers for Medicare & Medicaid Services (CMS) to establish a demonstration program to test alternative payment models under Medicaid and the Children's Health Insurance Program (CHIP) for maternity care. The CMS may consider payment models that include or are designed to address certain areas, such as improved maternal health outcomes for at-risk demographic groups, consideration of social determinants of health, or incorporation of diverse maternity care teams or settings. The CMS must evaluate the program's impact on maternal health outcomes, spending, patient experience, and other relevant areas.