Value-based delivery of healthcare has been discussed in the literature for almost a decade. The concept focuses on the patient and defines value as the improvement of patient outcomes divided by healthcare costs. Further refinements, called the Triple Aim model, focus on improving patient outcomes, reducing treatment costs, and improving patient satisfaction. Inspired by the MOOC (Massive Open Online Courses) movement in education, which should be seen as a wake-up message for educators, this paper attempts to reframe MOOCs, and related educational initiatives, within a Value-Based Delivery of Education (VBDE) model. The VBDE model focuses on the student learner and defines value as the improvement of learning outcomes, reduction of educational costs, and improvement of student stakeholder satisfaction. VBDE model elements are operationally defined, quantified, and used to identify and assess key components of MOOC and MOOC-related initiatives. Implications for the successful delivery of value-based education in the future are discussed as part one of a two-paper series on the topic.