This legislation aims to improve the Medicare payment system for air ambulance services by allowing the Secretary to revise the current fee schedule. This revision would be informed by both existing data and newly mandated data collection from service providers. The goal is to ensure that Medicare payments for these critical services are more accurately aligned with actual costs and utilization. To achieve this, the bill requires air ambulance service providers to submit detailed information every three years, including their fixed and operational costs per base, service utilization, and revenue obtained under Medicare. Should the Secretary choose to revise the fee schedule, a transparent process involving stakeholder input and consideration of all collected data is mandated. This ensures a data-driven and collaborative approach to payment adjustments. Furthermore, the bill directs the Secretary of Health and Human Services to finalize and publish a rule for air ambulance data collection within six months of enactment, accelerating the availability of crucial information. It also mandates a comprehensive study by the Government Accountability Office (GAO) within one year of data collection commencement. This GAO study will analyze operating costs, transport costs, payor mix, Medicare payment adequacy, and geographic cost variations, ultimately providing recommendations for improving the Medicare fee schedule for air ambulance services.