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Payment by Results and Social Impact Bonds – Outcome-Based Payment Systems in the UK and US - Policy Press Scholarship Online
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Payment by Results and Social Impact Bonds: Outcome-Based Payment Systems in the UK and US

Kevin Albertson, Chris Fox, Chris O'Leary, and Gary Painter


Over recent years there has been increasing interest in ‘Payment by Results’ (PbR) — Pay for Success (PFS) or outcomes-based funding in the US — as a model for outcomes-based commissioning in the public sector. Social Impact Bonds (SIBs) — Pay for Success financing in the US — are a class of PbR where the finance needed to make the contract work is provided by private finance, rather than the service provider. This short book asks whether and under what circumstances PbR/PFS and SIBs/PSBs are an efficient way to unlock new capital investment and advance social goods. It considers whether PbR/P ... More

Keywords: private finance, Payment by Results, public sector, outcomes-based commissioning, Social Impact Bonds, Pay for Success financing, capital investment, social goods, Pay for Success

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9781447340706
Published to Policy Press Scholarship Online: September 2018 DOI:10.1332/policypress/9781447340706.001.0001


Affiliations are at time of print publication.

Kevin Albertson, author
Manchester Metropolitan University

Chris Fox, author

Chris O'Leary, author