American Hospital Preservation Act of 2003

American Hospital Preservation Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to: (1) restore the full market basket percentage increase applied to payments to hospitals for inpatient hospital services furnished to Medicare beneficiaries starting in FY 2004, and for FY 2005 and each subsequent fiscal year as well; (2) ensure the full market basket update for any fiscal year after FY 2005; and (3) restore the reimbursement factor for indirect medical education payments to teaching hospitals to the FY 2002 level for FY 2005 and each subsequent fiscal year, after providing for an increase in such factor from current levels for FY 2004.