Healthcare systems worldwide have been facing a value crisis, with expenditure increasing at unsustainable rates and, in many cases, exceeding the real growth of GDP. Furthermore, this substantial increase in spending has not correlated with a significant improvement in health outcomes within many populations, and conventional outcomes have neglected patient needs. The ongoing COVID-19 pandemic has also exposed many shortcomings of the prevailing fee-for-service model of care delivery, including fragmentation in services, suboptimally-managed chronic diseases that have resulted in broader health impacts, and pervasive health disparities. This has highlighted the urgent need for a paradigm shift in the way care is delivered and reimbursed. In this paper, we outline the drivers of this value crisis in health care and offer approaches to addressing these, focusing on quality of care and highlighting the work of the International Consortium for Health Outcomes Measurement (ICHOM).