The "Health Tech Investment Act" seeks to update Medicare payment policies for algorithm-based healthcare services by amending the Social Security Act. It directs the Secretary of Health and Human Services to assign these services to a new technology ambulatory payment classification (NTC APC) based on manufacturer-submitted costs, including subscription fees and associated overhead, and to adjust these classifications as needed. Importantly, services will remain in this classification for at least five years or until sufficient claims data allows for reassignment to another payment category. The bill also expands the eligibility criteria for NTC APCs to include algorithm-based services that are distinct but performed concurrently with or adjunctive to other procedures, even if they don't meet traditional "distinct new procedures" requirements. An algorithm-based healthcare service is defined as one delivered via an FDA-cleared device using artificial intelligence or machine learning for clinical outputs in screening, diagnosis, or treatment. Additionally, the legislation codifies the existing hospital outpatient prospective payment system (OPPS) policy for software as a service, effective January 1, 2023.