Value-based enterprise (VBE) means two or more VBE participants -
(1) Collaborating to achieve at least one value-based purpose;
(2) Each of which is a party to a value-based arrangement with the other or at least one other VBE participant in the value-based enterprise;
(3) That have an accountable body or person responsible for the financial and operational oversight of the value-based enterprise; and
(4) That have a governing document that describes the value-based enterprise and how the VBE participants intend to achieve its value-based purpose(s).
42 CFR § 411.351
The definitions in this subpart apply only for purposes of section 1877 of the Act and this subpart. As used in this subpart, unless the context indicates otherwise: