Medicare and Medicaid Provider Review Act of 1997 - Amends title XI of the Social Security Act (SSA) to direct the Secretary of Health and Human Services (HHS) to: (1) establish a schedule of hourly rates for the conduct of annual financial and compliance audits during each fiscal year for all covered health care providers that receive payments under SSA title XVIII (Medicare) or XIX (Medicaid); and (2) provide for the conduct of such audits, in a separate HHS office, by specially trained and qualified personnel of each provider's substantial compliance with the requirements for receiving such payments.

Amends SSA titles XVIII and XIX to require covered providers to provide for annual payment to the Secretary of appropriate amounts for the conduct of such audits. Makes appropriations to the Secretary from such payments for the sole purpose of conducting such audits.

Directs the Secretary to study and report to the Congress on examining and accrediting agencies that audit and inspect covered providers.