H.R.4296 - Federal Government - To amend title XVIII of the Social Security Act to require physician utilization of the Medicare electronic prescription drug program.

Medicare Electronic Medication and Safety Protection (E-MEDS) Act of 2007 - Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to: (1) make incentive payments for physician use of an electronic prescription drug program (E-prescribing); and (2) reduce by 10% the fee schedule amount for failure to use E-prescribing.

Directs the Administrator of the Centers for Medicare & Medicaid Services to report to Congress on progress on implementing E-prescribing under the Medicare electronic prescription drug program.