The healthcare environment today is changing rapidly with factors of healthcare consumers in selecting medical institutions also altering at a fast pace under the circumstances. In this study, the theory of consumption values established by Sheth in 1991 is adopted in order to examine particular value affecting consumer selection of healthcare institutions. For the purpose of this study, healthcare consumers were surveyed using questionnaires developed based on the five values of Sheth supplemented by value of effort to acquire hospital information and value in health. Consequently, 24 consumption values affecting selection process were confirmed through discriminant analysis. As a result of regression analysis on factors affecting consumer selection of healthcare institution, effort to acquire hospital information and age among demographic characteristics of respondents are determined important predictors for consumer selection of general hospitals over clinics or small-sized hospitals. Further, service, reputation scale of healthcare institution among functional values and importance of health and effort to acquire hospital information among value in health are identified as significant predictors for consumer selection of large-sized general hospitals over clinic or small-sized hospitals. This study suggests not only vital implications for marketing strategy of healthcare institutions, but also methods to promote positive image for healthcare providers. In addition, this study closely examines the cause of the leaning phenomenon of healthcare comsumers toward large-sized general hospitals.