Pay for Success and Social Impact Bonds with Third Sector Capital and Cuyahoga County Ohio

In this episode, Dawn Carpenter talks with Caroline Whistler, CEO of Third Sector Capital, David Merriman, Assistant Director of Health and Human Services for Cuyahoga County Ohio (Cleveland and Marcia Egbert from the George Gund Foundation, about cutting-edge innovation in the field of financing social service. Listen to this episode to be inspires by the innovative way financing tools are being used to promote social good.

 

Key takeaways:

[1:33] Caroline Whistler career briefing.

[2:05] What does it mean “Pay for Success”?

[3:02] Differences between Pay for Success and performance-based contracting.

[6:03] How did Third Sector Capital start?

[8:46] Five elements playing a role in the Pay for Success model.

[9:45] Example of a typical Pay for Success contract.

[14:09] Role of the evaluator in this process.

[14:50] In which areas this type of model tends to be successful.

[16:31] Which are the challenges?

[19:24] Vision for the future.

[23:41] How did David find out about Pay for Success?

[27:01] How and why the George Gund foundation joined the government in this new way of delivering social services?

[28:46] Integrated data systems in the social services.

[29:21] How did the Cuyahoga County team (public private partnership) put the program together to solve the community problem?

[32:28] How do they see the measures of success?

 

Mentioned in this episode:

Third Sector Capital

The George Gund Foundation

Pay for Success

Nonprofit Finance Fund

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