What is the lowdown on last week's $677M investment in outcomes and early intervention?
Last week's State Budget gives us yet more evidence that the journey to outcomes-based funding is speeding up. While the Feds will build an outcomes-contracting fund (the Outcomes Fund) the Victorian Government is using its Early Intervention Investment Framework (EIIF). Both the Outcomes Fund and the EIIF do the same thing - allocate funding to programs that pre-determine their performance targets. The point is to direct funding to those practices that show measurable, real impacts and that, as a result, lower the use of acute social and health services. In both cases, measuring 'avoided costs' will be critical. Avoided costs are State Government service costs saved from a successful service intervention (or, Avoidable Costs minus services delivered = Avoided Costs). This is the high-bar for impact measurement as far as Governments are concerned. What does this mean for you and your program? Are you 'Avoided-Cost' ready? Reach out to us if you'd like to talk about the implications of this shift. Read more for the full list of EIIF funding programs. All about the outcomes
Well, we might be seeing the beginning of the tipping point in the 'outcomes' movement. Following significant investment in social outcomes contracting initiatives in NSW over the years and in Victoria more recently, the Feds have come to the party with a range of initiatives focused on outcomes in last night's 2024 Budget. Here are a few of the highlights. |
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