Purpose: To assess and identify patients' perceptions about the overall value of physical therapy services for musculoskeletal conditions and how these values were associated with their outcomes. Methods: The association between the perceived value of physical therapy (as a score) and Patient‐Reported Outcomes Measurement Information System (PROMIS) pain interference and physical function at 6‐weeks was assessed in a prospective cohort. Generalised linear models were used to identify relationships between the value of physical therapy score and PROMIS outcomes. Kendall's tau was used to identify correlations between responses and outcomes. Results: A total of 133 participants met the final inclusion criteria. The majority of participants were female (63.9%) with a mean age of 55.53 (SD 15.36) years. A majority of participants (63.9%) reported a previous positive personal experience with physical therapy. There was no significant relationship between perceived value of physical therapy and pain interference (β −0.32, p = 0.07, 95% CI−0.67, 0.03) or physical function (β 0.19, p = 0.29, 95% CI−0.16, 0.54). Stronger beliefs in agreement with the value of non‐invasive treatment were significant, but weakly correlated with lower pain interference (r = −0.18, p = 0.048) and higher physical function scores (r = 0.22, p = 0.03). Conclusions: Participants had an overall positive perception of the value of physical therapy prior to initiating physical therapy, but this perception was not associated with 6‐week pain and function outcomes. A better understanding of the driving factors encouraging patients to seek physical therapy services is needed to provide value‐based care. [ABSTRACT FROM AUTHOR]