GETTYSBURG, PA--(Marketwired - September 12, 2016) - Social impact bond (SIB), also known as pay-for-success (PFS) initiatives, funding is a relatively new source of resources for some of the most problematic social issues. In the past year, social impact funding has been used to fund new prisoner re-entry programs, Pre-K services, feasibility analyses, parenting support and substance abuse treatment for families involved in the child welfare system, supportive housing for chronically homeless individuals, alternatives to detention for high-risk youth, early childhood/pre-natal care for low-income mothers and their children, and wraparound services for youth involved in both the child welfare and juvenile justice systems.
Most SIB funding involves building a coalition of both government agencies and private financial investors. Under SIB/PFS models, financial risk shifts from government payers to individuals and organizations willing to invest in scaling up a successful program to achieve greater social impacts. With a willing coalition, the definitions and measuring success become critical components of making the SIB/PFS initiative work.
Several of the SIB/PFS initiatives are focused on childhood and youth development. These initiatives have a wide range of structures and many different areas of focus -- teen pregnancy prevention, childhood home visiting, early childhood education, preventing entry into foster care, preventing juvenile delinquency, improving academic performance for at-risk youth, and improving youth employment rates.
If you're interested in learning more about how to create a SIB/PFS initiative in your community, join OPEN MINDS senior associate, Howard Shiffman; Joe Waters, Executive Vice President of the Institute for Child Success (ICS); and Mary C. Garvey, M.S., Associate Director of Pay for Success Financing, ICS for this informative case study-oriented web briefing on September 28, 2016 at 2:00pm ET.
Headquartered in South Carolina, ICS is a private, nonpartisan research and policy organization that focuses on helping young children succeed by working with stakeholders to seek holistic solutions to complex early childhood challenges. The ICS team believes that PFS financing holds enormous promise for improving the lives of children and has conducted a feasibility study of the potential for PFS to scale up early childhood programs in their community. The study focused on a successful home visiting program for low-income, first-time mothers -- Nurse Family Partnership (NFP) -- to determine how PFS financing can apply to the broader field of early childhood interventions. As a recent grantee of the Social Innovations Fund's PFS program, they are currently partnering with four jurisdictions across the country to provide technical assistance -- the State of Connecticut Office of Early Childhood, the city of Spartanburg in South Carolina, Sonoma County Department of Health and Human Services in California, and Washington State Department of Early Learning
During this 90-minute executive web briefing, you will learn:
- The history of SIBs and pay-for-success initiatives
- How SIBs are structured
- Competencies involved in launching SIB initiatives
- A detailed SIB project case study from ICS, focused on lessons learned and challenges faced in development and implementation
This web briefing is an exclusive event for members of The Next Generation Forum On Children's Services. If you are not a member and would like more information on The Next Generation Forum On Children's Services and how to become a member, please visit www.openminds.com/store/nextgenerationforum or contact Brittney Shindledecker at OPEN MINDS at 717-334-1329 or firstname.lastname@example.org.
All registrants will receive (at no charge and regardless of attendance) a recording of the webinar and an electronic copy of the presentation slides at its conclusion.
ABOUT The Next Generation Forum On Children's Services
Executives of children's services organizations have been hard hit by a number of market challenges -- budget restraints, managed care, increased competition, rate and reimbursement changes, new performance measurement and outcome requirements -- just to name a few.
With the health and human services market continuing to evolve and change, the next few years will continue to be challenging ones. To help executives of children's services organizations combat these challenges and survive the turbulent market, OPEN MINDS launched The Next Generation Forum On Children's Services. Comprised of leaders from across the country and led by OPEN MINDS senior advisors, this group of thoughtleaders convenes with one singular focus -- developing the children's services of the future.
ABOUT OPEN MINDS
OPEN MINDS is a national health and human service industry market intelligence firm. Founded in 1987 and based in Gettysburg, Pennsylvania, the 75+ associates provide innovative management solutions designed to improve operational and strategic performance. Learn more at www.openminds.com.