Thanks to innovations in outcomes-focused contracting “because that’s the way we’ve always done it” is no longer an acceptable reason to continue to operate social programs the same way every year hoping for better results. By linking payments to measurable social outcomes, Pay for Success (PFS) contracting has made data and results integral aspects of any social service. Through multi-year randomized control trials (RCTs), which test the outcomes of a PFS project, social service providers and government funders can finally quantify the impact that their programs are making in the
This article originally appeared on the Living Cities’ blog as a part of their new series which celebrates the five year anniversary of their first PFS project, and shares reflections from them and their partners on new directions in PFS. For updates, follow their Pay for Success Newsletter.
Nearly one in every seven youth and young adults across the United States are neither employed nor in school. Nationwide, this amounts to approximately six million disconnected or “opportunity youth” who face barriers to employment, including limited community resources, low-performing schools, and inadequate assistance from
Check out our submission to the American Evaluation Association’s Evaluation 2017 Video Contest! Share using this link: https://youtu.be/eg3vnwaq3EE
For the past five months, I’ve been helping Third Sector research the nascent field of social impact accounting – the practice of measuring and quantifying the social impact of organizations and investments. Third Sector was interested in exploring the demand for social impact accounting among investors and philanthropic organizations, as well as investigating opportunities to apply the lessons the firm has learned from its Pay for Success work more broadly.
While generalized social impact accounting principles are accepted and widely used today, they are a relatively recent development: The Financial Accounting
This post originally appeared on the AEA365 blog as part of their SIM TIG Week.
Hello! We are Brian Beachkofski and Jeannie Friedman, Pay for Success (PFS) advisors at Third Sector Capital Partners. We spend most of our time assessing feasibility and designing social sector programs with rigorous evaluations and evidence-based interventions embedded into their contracting structure.
PFS is an innovative contracting model (shown in the figure below) that drives government resources toward high-performing social programs. The PFS model is designed to merge performance measurement using administrative data and rigorous evaluation of