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Establishing Beneficiary Equity in the Hospital Readmission Program Act - Amends title XVIII (Medicare) of the Social Security Act (SSA) with respect to the hospital readmission reduction program to exclude from the program admissions related to transplants, end-stage renal disease (ESRD), burns, trauma, psychosis, or substance abuse.

Requires the Secretary of Health and Human Services (HHS), in applying requirements for the excess readmission ratio, to provide for a risk adjustment that will take into account a hospital's proportion of inpatients who are full-benefit dual eligible individuals (eligible for both Medicare and Medicaid under SSA title XIX) in order to ensure that hospitals that treat the most vulnerable populations are not unfairly penalized.

Directs the Medicare Payment Advisory Commission (MEDPAC) to study the appropriateness of using a threshold of 30 days for readmissions under the program.

Directs the Secretary, in promulgating regulations for the hospital readmission reduction program, to consider the use of V codes for potential exclusions of cases involving noncompliant patients in promulgating applicable regulations.