…value is expressed as what we gain relative to what we give up – the benefit relative to the cost.

Source: Institute of Medicine of the National Academies (2008) Learning Healthcare System Concepts v. 2008. The Roundtable on Evidence-Based Medicine, Institute of Medicine. Annual Report

Example of how the term is used

…, the concept of value in a society in which the needs of the whole population have to be met from a finite budget is broader, because payers have to be on the alert for both overuse, underuse, as well as efficiency.

Reference: Gray M with Bevan G, Cripps M, Jani A, Ricciardi W (2017) How To Get Better Value Healthcare. Third edition. Offox Press, Oxford. Page 29