Cancer Care Preservation Act of 2004

Cancer Care Preservation Act of 2004 - Amends title XVIII (Medicare) of the Social Security Act, as amended by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, to allow the average sales price system to go into effect but also to ensure that Medicare payments for cancer drugs do not go below 95 percent of 2004 levels in 2005, and 95 percent of 2005 levels in 2006.

Amends the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 with respect to the transitional adjustment in practice expense relative value units in the physician fee schedule for drug administration services. Extends application of the transition adjustment through December 31, 2006. Increases from three percent to 27 percent during 2005 the applicable percentage of the fee schedule amount that shall be paid to a physician from the Federal Supplementary Medical Insurance Trust Fund. Reduces this applicable percentage during 2006 to 22 percent. (Current law reduces the 32 percent transitional payment for practice expenses in 2004 to 3 percent in 2005 and 0 percent in 2006.)