DEFINITION of 'Oil Refinery' An industrial plant that refines crude oil into petroleum products such as diesel, gasoline and heating oils. Oil refineries essentially serve as the second stage in the production process following the actual extraction by oil rigs.
Value-Based Purchasing. Starting in October 2012, Medicare began rewarding hospitals that provide high-quality. care for their patients through the new Hospital Value-Based Purchasing (VBP) Program. Hospitals paid under the Inpatient Prospective Payment System (IPPS) are paid for inpatient. acute care services based on quality of careânot the volume of services they provide.
Medicare is comprised of Medicare Part A (hospital insurance) and Medicare Part B (outpatient coverage). Enrollees also have the option to purchase Medicare Part D (prescription coverage) and a Medigap supplement, or to wrap everything into a Medicare Part C plan (Medicare Advantage). Medicare A is free for most enrollees, as theyâve paid for it with payroll taxes over their working years.