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REPORT OF 'RECORD PROFITS' WORRIES HOSPITAL OFFICIALS

New York hospital officials, who complained that they would suffer under a deregulated health care system, are fretting over a report showing that they made "record profits" in their first year without price controls.

The state Health Department study shows that in 1997, the state's not-for-profit hospitals racked up surpluses of $739 million -- a 42 percent increase over the previous year. That represents a nearly 3 percent profit margin on a base revenue of $25.7 billion.

Revenue at the state's not-for-profit and for-profit hospitals grew by about 3.5 percent in 1997, the state Health Department analysis found.

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