"There are in fact three definitions of value, which I like to call triple value. The first is allocative value, which asks whether we have allocated resources to different groups equitably and in a way that maximises value for the whole population. Then there is technical value, in which improving quality and safety of healthcare increases the value derived from resources allocated to a particular service. Finally, there is personalised value and this relates to ensuring decisions are based on conditions and values of individuals, including the value they place on good and bad outcomes."
A culture of stewardship: The responsibility of NHS leaders to deliver better value healthcare
Professor Sir Muir Gray
NHS Confederation
September 2015
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