There are 2 entry categories, "public" and "education", and entries to either can be team or individual. Separately for each category, the award for first place is $5k, second place $3k, multiple 3rd-, 4th-, and 5th-tier awards, and honorable mentions will be given for various other criteria outside the award structure. Entrants have until July 1 to submit an initial contest application, and until July 31 to submit a final project. Full rules are here:
http://learn.parallax.com/contest/2013-national-micromedic-rulesThe contest is free to enter, and they're giving away 100 free electronics kits on a first-come-first-serve basis to folks who submit worthy project applications -- that's the application, not the completed project! They've given away about 30 of them so far, so there's still time to enter and get a free kit. There are 2 versions of the kit -- one includes a Propellor microcontroller board, the other includes an Arduino-compatible shield instead, and both include a bunch of sensors and miscellaneous useful bits. Full info about the kits is available here:
http://learn.parallax.com/contest/micromedic-contest-inspiration-kits, and a video about the contest and the kits is here:
http://youtu.be/KBDkNHRaEpY