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Social Impact Bonds as a Funding Method for Health and Social Programs: Potential Areas of Concern

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  • Katz, A.S.
  • Brisbois, B.
  • Zerger, S.
  • Hwang, S.W.

Abstract

Social Impact Bonds (SIBs) represent a new way to finance social service and health promotion programs whereby different types of investors provide an upfront investment of capital. If a given program meets predetermined criteria for a successful outcome, the government pays back investors with interest. Introduced in the United Kingdom in 2010, SIBs have since been implemented in the United States and across Europe, with some uptake in other jurisdictions. We identify and explore selected areas of concern related to SIBs, drawing from literature examining market-based reforms to health and social services and the evolution of the SIB funding mechanism. These areas of concern include increased costs to governments, restricted program scope, fragmented policymaking, undermining of public-sector service provision, mischaracterization of the root causes of social problems, and entrenchment of systemically produced vulnerabilities. We argue that it is essential to consider the long-term, aggregate, and contextualized effects of SIBs in order to evaluate their potential to contribute to public health. We conclude that such evaluations must explore the assumptions underlying the “common sense” arguments often used in support of SIBs.

Suggested Citation

  • Katz, A.S. & Brisbois, B. & Zerger, S. & Hwang, S.W., 2018. "Social Impact Bonds as a Funding Method for Health and Social Programs: Potential Areas of Concern," American Journal of Public Health, American Public Health Association, vol. 108(2), pages 210-215.
    • Handle: RePEc:aph:ajpbhl:10.2105/ajph.2017.304157_3
    DOI: 10.2105/AJPH.2017.304157
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    Cited by:

    1. Roberto Moro Visconti & Laura Martiniello & Donato Morea & Elisa Gebennini, 2019. "Can Public-Private Partnerships Foster Investment Sustainability in Smart Hospitals?," Sustainability, MDPI, vol. 11(6), pages 1-19, March.
    2. Cesar, Gabriel T & Decker, Scott H., 2020. "“CPS Sucks, but… I think I’m better off in the system:” Family, social support, & arts-based mentorship in child protective services," Children and Youth Services Review, Elsevier, vol. 118(C).
    3. Rosella Carè & Riccardo De Lisa, 2019. "Social Impact Bonds for a Sustainable Welfare State: The Role of Enabling Factors," Sustainability, MDPI, vol. 11(10), pages 1-23, May.
    4. Kerlin Janelle A. & Ye Meng & Chen Wendy, 2023. "A Tax Credit Proposal for Profit Moderation and Social Mission Maximization in Long-Term Residential Care Businesses," Nonprofit Policy Forum, De Gruyter, vol. 14(1), pages 77-97, January.
    5. Julie RIJPENS & Marie J. BOUCHARD & Emilien GRUET & Gabriel SALATHÉ-BEAULIEU, 2020. "Social Impact Bonds: Promises versus facts. What does the recent scientific literature tell us?," CIRIEC Working Papers 2015, CIRIEC - Université de Liège.

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