not only better
we are exploring
how new financial
can fund a shift
As health and social care systems face the challenges of rising demand and severely constrained resources, social investment offers the scope to provide upfront funding for developing a range of better services.
Social investment can support the transition from reactive ‘crisis’ health services to proactive preventative health provision and alternative forms of social care, by providing the funding to scale promising interventions and by helping instill a culture which combines social mission and business rigour in the delivery of services.
The Boston Consulting Group recently forecast around £150 million of new demand for social investment in health and social care by 2015 – nearly a third of total demand for such investment. Social Finance has a specialist health and social care team, which works with social enterprises, commissioners and investors to bring investment to the projects which could have a transformative impact on local health and care systems.
Corporate finance advice for social enterprises
Social Finance can enable social enterprises to scale their work through providing support for investment strategies, business planning and capital-raising. We have successfully enabled a number of health and social care enterprises to access the Investment and Contract Readiness Fund, to support this work. We also have particular expertise in helping employee-owned mutuals to consider the finance they will require as they spin-out of the public sector (see for example, our Technical Guide to Financing New Employee Mutuals.)
Advice for commissioners
Social Finance has a well developed methodology for supporting commissioners to assess whether Social Impact Bonds and other social investment structures can help finance a shift from acute to community and preventative health and social care. For example, we are currently working for Worcestershire County Council and NHS Worcestershire to consider social investment options as part of a shift to integrated care. As Professor Paul Corrigan set out in a paper for Social Finance in 2010, Social Impact Bonds offer particular promise for investing in the development of programmes which promote the better management of long term conditions such as diabetes and asthma through self-care.
Support for investors
Social Finance provides support to those considering investing in health and social care. Given the complexity of these fields, specialist advice can be invaluable in understanding the risks and opportunities associated with these sectors. Drawing on this work, we are planning to launch a Care and Wellbeing Fund in 2013.
Social Finance draws on the insights and experience of a Health and Social Care Advisory Group as we develop these projects. Members of the Advisory Group (who act in a personal capacity) are:
- Mike Farrar (Chair) – Chief Executive, NHS Confederation
- Anita Charlesworth – Chief Economist, Nuffield Trust
- Professor Paul Corrigan
- Clare Davison – GP, Newham PCT/ Lantern Health CIC
- Professor Robert Harris – Director of Strategy, NHS Commissioning Board
- Peter Hewitt – Chief Executive, Guys’ and St. Thomas’ Charity
- Neil Hunt – Chief Executive, Royal College of General Practitioners
- Jonathan Lewis – Chief Executive, Bromley Healthcare
- Michelle Mitchell – Charity Director General, Age UK
- Sarah Pickup – President, Association of Directors of Adult Services
- Matt Robinson – Director of Strategy and Market Development, Big Society Capital
BeActive In 2011, Social Finance assessed the impact of the pioneering BeActive physical activity programme in Birmingham. This included commissioning a detailed cost-benefit analysis, which demonstrated the impact of BeActive on various aspects of health, quality of life and economic productivity. This work helped to secure ongoing funding for Be Active.
Shared Lives Social Finance is supporting Shared Lives Plus, the national membership body for Shared Lives schemes, to develop an investment model for scaling Shared Lives programmes across England. Shared Lives is a model of care in which families provide home and community-based care arrangements for someone who needs care. Well implemented, it can deliver better care which is less expensive than traditional Local Authority provided care. This project, funded through the Investment and Contract Readiness Fund, is working with four local authorities to assess the feasibility of expanding Shared Lives schemes to different client groups and across a range of areas. A report exploring their findings can be found here.
Dartington Hall Trust Social Finance is supporting Dartington Hall Trust (DHT) to raise the capital needed for an Extra Care facility. The planned “Abundant Life” project is a new, self-sustainable residential development for older people. Abundant Life focuses on improving physical and emotional health of residents, leading to a demonstrated reduction in health service usage and a higher level of social engagement. If you would like to discuss any of our work in health and social care in further detail please email firstname.lastname@example.org