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.
The strategy's three aims of better health, better care, and lower costs capture CMS's concept of value â improved outcomes for individuals and populations at lower costs. CMS has many tools to support the three aims, but we believe that value-based purchasing (VBP) is one of the most potentially transformational.