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Payment by Results and Social Impact BondsOutcome-Based Payment Systems in the UK and US$
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Kevin Albertson, Chris Fox, Chris O'Leary, and Gary Painter

Print publication date: 2018

Print ISBN-13: 9781447340706

Published to Policy Press Scholarship Online: September 2018

DOI: 10.1332/policypress/9781447340706.001.0001

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Introduction: outcome-based payment and the reform of public services

Introduction: outcome-based payment and the reform of public services

Chapter:
(p.1) One Introduction: outcome-based payment and the reform of public services
Source:
Payment by Results and Social Impact Bonds
Author(s):

Kevin Albertson

Chris Fox

Chris O’leary

Gary Painter

Kimberly Bailey

Jessica Labarbera

Publisher:
Policy Press
DOI:10.1332/policypress/9781447340706.003.0001

This book examines outcomes-based commissioning as an important element of the public service reform agenda, focusing on Payment by Results (PbR) and Social Impact Bonds (SIBs) in the UK (also known as Pay for Success (PFS) or outcomes-based funding and Pay for Success financing in the US, respectively). It considers whether PbR/PFS and SIBs/Pay for Success financing drive efficiency and innovation in the delivery of social outcomes, and whether attempts to reconcile corporate profits and social goods may lead to perverse incentives and inefficiency. It also analyses the impact of PbR and SIBs on not-for-profit and smaller players in the market for social outcomes. This introduction provides an overview of outcomes-based commissioning, the distinction between PbR/PFS and SIBs/Pay for Success financing, some key questions raised by outcomes-based commissioning, and the chapters that follow.

Keywords:   outcomes-based commissioning, public service reform, Payment by Results (PbR), Social Impact Bonds (SIBs), UK, Pay for Success (PFS), Pay for Success financing, US, corporate profits, social goods

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