This partnership will help transform our social sector to one that is more effective, efficient, and accountable.
Baltimore and Boston (PRWEB) May 07, 2014
Third Sector Capital Partners, Inc. (Third Sector) a leading nonprofit provider of advisory services for parties pursuing Pay for Success, Social Innovation Finance (including Social Impact Bonds), and Growth Capital, and Social Solutions Global, Inc., the leading provider of performance management software for human services, today announced their partnership to provide Pay for Success (PFS) Readiness Assessment Services.
PFS is gaining momentum as more federal, state and local governments seek innovative strategies to improve outcomes for those most in need. The PFS Readiness Assessment is the first operational tool of its kind, providing organizations with an opportunity to better understand their strengths and weaknesses relative to a possible PFS effort at the federal, state or local level. The PFS Readiness Assessment provides a forum for rapid insights and opportunities to gain actionable insight that enables the organization to better position itself for future PFS opportunities. Specifically, the PFS Readiness Assessment will offer personal, on-site resources to uncover and explore key elements and ingredients in a PFS initiative, including: significant needs and target population; strong data-driven evidence and performance management capabilities; organizational experience and capacity to scale; strong government and funder relationships; and ROI/financial/social benefit potential.
The PFS Readiness Assessment is a critical tool that will help more organizations understand where they stand relative to other preventive models and practitioners throughout the country. Just as importantly, in addition to offering a snapshot, the Readiness Assessment will also offer a prescription and prioritization of next steps to strengthen the organization’s PFS pursuits. The partners expect the PFS Readiness Assessment Service to be available in July 2014.
“Preparation is key when it comes to successfully executing a Pay for Success opportunity. Now, as more governments, investors and service providers seek these opportunities, it is critically important to ensure the tremendous amount of resources and work it takes to put a PFS initiative into place are well spent. Third Sector is excited to partner with Social Solutions to provide PFS Readiness Assessment Services to help organizations better prepare for PFS opportunities and accelerate the transition to a performance-driven social sector.” said George Overholser, CEO of Third Sector Capital Partners.
“Social Solutions is eager to begin work with Third Sector to bring this innovative tool to the sector and connect high performing organizations with opportunities to finance and scale their work through PFS,” said Scott Johnson, CEO of Social Solutions. “With Third Sector’s extensive experience as an intermediary and advisor in successful PFS initiatives, and Social Solutions’ unique position as the leading provider of performance management software tools and resources for PFS contract awardees and candidates, this partnership will help transform our social sector to one that is more effective, efficient, and accountable.”
Social Solutions and Third Sector will introduce and review the PFS Readiness Assessment in Part 2 of Social Solutions’ “Building a SIB-Ready Sector” webinar series, “Getting Ready,” on May 8, 2014, 1:30 pm EST. In addition to the PFS Readiness Assessment, the webinar will highlight Mathematica Policy Institute’s Rapid Cycle Evaluation tool, which can be used to provide decision-makers with timely, actionable evidence of what changes lead to improved outcomes. To register for this webinar, click here. Click here for more information about the “Building a SIB-Ready Sector” webinar series.
About Third Sector Capital Partners: Third Sector’s mission is to accelerate America’s transition to a performance-driven social sector. Third Sector Capital Partners believes in the importance of bringing performance-driven social innovations to scale, in a way that is financially sustainable.
Founded in 2011, Third Sector Capital Partners is a nonprofit that collaborates with government, funders and providers to develop and implement Pay for Success (PFS) and Social Innovation Finance (SIF) solutions. The organization brings proven experience in finance, project management, rigorous evaluation methodologies, and cross-sector collaboration to ensure clients are educated, engaged and equipped to participate in PFS and SIF initiatives.
About Social Solutions Global, Inc.: Social Solutions Global, Inc., creators of Efforts-to-Outcomes (ETO®) software, equips over 16,000 programs with web-based data-tracking and outcomes-oriented case management tools to help improve results, simplify reporting requirements and improve efficiencies in delivering services across agencies and funding streams. Social Solutions’ ETO software is strongly aligned with initiatives modeled on the Social Impact Bond or Pay for Success movement in the United States.