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.
Part B is a voluntary medical insurance program financed in part from federal funds and in part from premiums contributed by enrollees. Medicare enrollment is generally offered to people 65 years of age or older who are entitled to receive Social Security or railroad retirement benefits. Individuals under age 65 can be eligible if they are disabled or have end-stage renal disease. 2 (in Canada) the name of the national health insurance program.