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Largest pay for success fund launches this week

This week, a group of investors announced the creation of the Community Outcomes Fund (paywall)—a $40 million pay for success (PFS) fund. Started by former Microsoft CEO Steve Ballmer and his wife, Prudential Finance, Inc., and the Kresge Foundation, with Maycomb Capital as fund manager, this PFS fund is the largest to date.
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PFS starting points: Population, intervention, & outcomes

Pay for success (PFS) projects have to answer numerous questions that ultimately influence the project, including who will serve as the end payor, which service provider to contract with, the preferred evaluation method, and details of the repayment plan. Three primary, interrelated questions that ultimately define the project are related to the target population, outcomes, and intervention: Who is being served? What are the outcomes of interest? Which evidence-based intervention links the two?
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PFSI Glossary: A resource for the PFS field

What’s the difference between a pilot and a ramp-up period? Why is the effect size important? And who serves as an intermediary?
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Considering challenges to financing health interventions with pay for success

Of the pay for success (PFS) projects that have launched in the United States, only a handful have included health care system funding, such as state and federal Medicaid dollars in South Carolina’s Nurse-Family Partnership PFS Project. And while many current PFS projects track secondary health outcomes, few have focused primarily on health, either as services funded or payable outcomes.
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Randomization in practice

The contractual nature of evaluation in pay for success (PFS) means that partners must agree on the design.  Sites looking to develop the evaluations that can determine the causal impact of the intervention may choose to use a randomized controlled trial (RCT) design. For some service providers, RCTs can pose ethical challenges.