The reform of medical insurance payment is a core measure to promote the high-quality development of healthcare, and comprehensive value evaluation is a key tool to test the effectiveness of the reform. Based on the paradigm of real-world research, this paper takes the Diagnosis-Intervention Packet (DIP) payment model as the starting point, employs a combination of bibliometric initial screening and two-round Delphi expert consultation to select 23 indicators from a candidate indicator pool, and systematically constructs a four-dimensional comprehensive value evaluation system for medical insurance, including efficiency, quality, equity and sustainability. The weights of the indicators were determined by the Analytic Hierarchy Process (AHP), with all consistency ratios (CR) below 0.1. Combined with more than 100000 real case data in the field of maternal and child health care in Shenzhen City, this paper comprehensively employs Propensity Score Matching (PSM) and Interrupted Time Series (ITS) analysis to quantify the net effect of the DIP policy, and adopts the Entropy Weight-TOPSIS method to conduct a dynamic ranking evaluation of the comprehensive medical insurance value across various institutions. Empirical results indicate that after DIP payment, average inpatient costs fell by 15.6%, success rate of critical maternal care reached 97.1%, the fund surplus rate increased from 2.3% to 5.8%, and overall value scores rose by 25.9%. Yet, the evaluation accuracy is still constrained by insufficient adaptability to specialty disease groups, delayed equity improvement, and barriers to cross-institutional data exchange. Accordingly, this paper recommends enhancing the specialty group weighting system, introducing a dynamic indicator adjustment mechanism, establishing a “data sandbox” for secure sharing, and reinforcing a closed-loop feedback process for the four-dimensional value assessment.