Investors in health-care bonds are positioning themselves for health-care reform and a new era that will require hospitals to provide a broader range of services more efficiently, industry officials said last week.

Acute-care hospitals will no longer dominate new-money medical issuance as the Clinton reforms force the hospitals to merge into networks or get squeezed out by competition, said Rae G. Boylan, a managing director at Bear Steams & Co.

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