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 beneficiary means an individual who is entitled to benefits under medicare part A plan and enrolled under medicare part B plan or enrolled in both medicare part A and part B plan and who resides in the U.S. Medicare beneficiaries pay deductibles and 20 percent coinsurance for most services and equipment.henever admitted to a hospital for a new spell of illness or benefit period, a beneficiary is entitled to another 90 days of Part A coverage. In addition, each Medicare beneficiary has a lifetime reserve of 60 days that the beneficiary may elect to use toward one or more hospital stays.