Health Care Reform Assessment Act of 1994 - Directs the Secretary of Health and Human Services to seek to enter into an agreement with the Institute of Medicine of the National Academy of Sciences (or another nonprofit, nongovernmental organization or consortium of institutions) to study and report on the impact of health care reform legislation at the national, regional, and State levels.

Sets forth provisions regarding: (1) the purpose of the study (to develop a detailed framework to assess the impact of health care reforms on national goals, such as assuring security of coverage, promoting simplicity of administration, achieving health care savings, encouraging individual responsibility, improving quality of care, promoting choice, and improving health status); and (2) reporting requirements (including recommendations regarding appropriate indicators of national progress towards meeting such goals, appropriate study designs, data elements and public and private sources of information for measuring such indicators, the nature, scope, and frequency of reports that would best serve in evaluating health reform efforts, overall cost estimates associated with obtaining and evaluating this information, and ways that health care reform assessment findings could be used by various groups). Authorizes appropriations.

Directs the Secretary to seek to enter into such agreement to develop and report on baseline information to measure access to, and quality and cost of, health care and the individual and public health status of permanent residents of the United States. Authorizes appropriations.