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.
Hospital Value-Based Purchasing. Hospital Value-Based Purchasing (HVBP) is part of our ongoing work to structure Medicareâs payment system to reward providers for the quality of care they provide. This program adjusts payments to hospitals under the Inpatient Prospective Payment System (IPPS), based on the quality of care they deliver.