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As reported by BeckersASC.com last week, the bill proposed to take money from private insurers to fulfill the payment increase.

Sen. Baucus indicated he intends to revisit and bring the bill, S. 3101, back before the physician payment cut is set to take effect beginning in July, according to published reports.

"We all know what this vote was about, and it wasn't about what's best for American seniors," said Sen. Baucus in an e-mailed statement after the vote, according to reports. "The White House doesn't want overpaid private plans in Medicare to lose a single dime."

Sen. Chuck Grassley (R-Iowa), ranking member of the Committee on Finance, hopes the failed billed leads to more serious and effective negotiations for an alternative bill (S.3118) he helped introduce, according to releases on Grassley’s Web site. Grassley's bill calls for an $8.6 billion reduction over five years driven to Medicare Advantage plans associated with teaching hospitals' treatment of patients; these organizations are already paid separately by Medicare for their additional costs.

"It is a bill that clearly serves Medicare beneficiaries," says Sen. Grassley in his floor statement on S.3101. "Our bill reduces medication errors with stronger e-prescribing provisions. This will help ensure that our seniors' healthcare is not compromised by duplicative, dangerous or incompatible prescriptions. Our bill helps patients who have had a heart attack with cardiac and pulmonary rehab. Our bill insurers that seniors who need access to outpatient therapy services will continue to receive the therapy they need."