To amend title XVIII of the Social Security Act to increase the amount of payment for inpatient hospital services under the Medicare Program, and to freeze the reduction in payments to hospitals for indirect costs of medical education.

American Hospital Preservation Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act (SSA), as amended by Federal law commonly referred to as the (Medicare, Medicaid, and SCHIP) Benefits Improvement and Protection Act, to: (1) increase (restore the full) market basket update for inpatient prospective payment services hospitals; and (2) maintain the indirect medical education adjustment percentage at 6.5 percent.