Have you tried a different monitor to comapre? I hit 205 - 206 regularly when pushing to my MHR and have measured those #'s on two different HRMs. I think it's one of those things that more often than not is specific to the individual.
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2003 Iceman Challenge - 2:34:55 - 897 / 2,000*
2002 Iceman Challenge - 2:39:23 - 1093 / 2,186
2000 Iceman Challenge - 2:49:18 - 1516 / 2,153
*estimated