Resident Physician Shortage Reduction Act of 2009

Resident Physician Shortage Reduction Act of 2009 - Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to: (1) reduce a hospital's otherwise applicable resident limit by the number of positions unused for the five most recent cost reporting periods; and (2) require the distribution of additional resulting residency positions to certain other hospitals.

Requires that all the time spent by a resident in outpatient settings be counted towards the determination of full-time equivalency for the purposes of payments for direct graduate (GME) and indirect (IME) medical education costs, without regard to the setting in which the activities are performed, if the hospital continues to incur the costs of the resident's stipends and fringe benefits during the time the resident spends in that setting.

Sets forth rules for counting resident time for didactic and scholarly activities and other activities.

Directs the Secretary of Health and Human Services to establish a process for the redistribution of residency slots after a hospital closes.