Background & objectives: Perceived value is an essential element of competitive strategy and research. It has shown that there is a significant positive relationship between quality, value, satisfaction, and behavioral tendencies including customer loyalty, price, intention to repurchase, and word of mouth. The aim of this study is to examine the impact of the perceived value on destination image, satisfaction, and loyalty of medical tourists. Methods: This applied research is a descriptive and correlational study. Convinient sampling method was employed to recruit the participants. For data collection, Wong's perceived value questionnaire (Wong, 2012), Wong's standardized destination image questionnaire (Wong, 2012), a standardized tourist satisfaction questionnaire (Elahi & Heydari, 2008), and a researcher-made loyalty questionnaire (Ghasemi, 2015) were used. Results: The results showed that the perceived service quality and perceived medical quality, enjoyment, costs and risk affect the perceived value of medical tourists. The perceived value has impact on the destination image of medical tourists. The destination image also influences the satisfaction and loyalty of medical tourists. Finally, satisfaction could lead to the loyalty of medical tourists. Conclusion: According to the results, investment in improving the quality of tourism services, as well as reducing the potential risks of tourism activities and increasing the efforts to reduce direct and indirect costs for medical tourists can improve their perceived value. It is also possible to provide standard services and build appropriate infrastructure for medical tourists in order to create a positive image, which will result in satisfaction and, ultimately, the loyalty of tourists could lead to the future visit and word of mouth by them.