Nursing Shortage and Nurse Reimbursement Incentive Act of 1989 - Amends title XVIII (Medicare) of the Social Security Act to provide direct Medicare reimbursement for nurse practitioner and clinical nurse specialist services, whether or not the practitioner or specialist is under the supervision of, or associated with, another health provider, if such services would otherwise be covered if furnished by a physician or as an incident to a physician's service. Provides payments for nurse practitioner, clinical nurse specialist, and certified nurse midwife services under part B (Supplementary Medical Insurance) of the Medicare program on the basis of a fee schedule to be established by the Secretary of Health and Human Services. Requires the Administrator of the Health Care Financing Administration to establish a toll-free telephone hotline for nursing payment inquiries under the Medicare program and, to the extent feasible, under the Medicaid program. Amends part B (Peer Review) of title XI of the Act to require peer review of nursing services. Directs the Secretary to: (1) contract for studies evaluating nursing costs, and gathering and disseminating data on obstacles nurses face in receiving direct reimbursement for their services; and (2) report the results of such studies to the Congress in January of 1992, 1993, and 1994.

Amends title XIX (Medicaid) of the Act to require direct Medicaid reimbursement for certified nurse midwife, certified registered nurse anesthetist, nurse practitioner, and clinical nurse specialist services, whether or not such nurse is under the supervision of, or associated with, another health care provider, if such services would otherwise be covered if furnished by a physician or as an incident to a physician's services. Requires that such payments be equal to payments for such services under the Medicare program and not vary on the basis of the type of nurse involved.