Abstract
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.
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