Initiative to be supported by first Pay for Success transaction of its kind
Baltimore; Arlington, VA – November 16, 2016 – Meals on Wheels America, Meals on Wheels of Central Maryland and Johns Hopkins Bayview Medical Center announced today that they are collaborating on a new project that aims to help vulnerable seniors in the Baltimore area remain independent at home while reducing their need for high-cost healthcare services. This exploratory initiative will be supported by the first Pay for Success transaction for senior services.
“Each day, 12,000 Americans are turning 60, and this rapidly growing population is living longer with more chronic conditions. At the same time, funding to meet basic needs of at-risk seniors has declined and the healthcare system is overburdened,” said Ellie Hollander, President and CEO of Meals on Wheels America. “It is our goal to continue to build the evidence base for Meals on Wheels services and to create the basis for replicating the approach with other Meals on Wheels programs across the country.”
By leveraging resources from a private third-party investor in an emerging model known as Pay for Success (also known as Social Impact Bonds), the project plans to scale Meals on Wheels of Central Maryland’s existing services to hundreds of additional seniors in the Baltimore area over the next several years. A rigorous assessment of the impact on both health outcomes and healthcare cost savings will be conducted by an independent evaluator.
“Recognizing the inextricable link between nutrition and health, and the impact of one’s social circumstances, this project fits well within our strategic goals to be a strong and valuable resource to the healthcare community,” said Stephanie Archer-Smith, Executive Director, Meals on Wheels of Central Maryland, Inc. “We are thrilled to be working with such an esteemed institution as Johns Hopkins Bayview.”
“We are keenly aware of how valuable it is for us to be able to stay in touch with our patients after they have left the hospital and to know they are receiving services and resources that can help them maintain their health and independence,” said Richard G. Bennett, M.D., President, Johns Hopkins Bayview Medical Center. “We are enthusiastic about this opportunity to explore a collaboration with Meals on Wheels that could help us strengthen the connections with our patients once they have returned home.”
“We are pleased to be working with such world-class, innovative partners to further demonstrate the power of the Pay for Success model to finance and scale evidence-based programs that improve health outcomes for our more vulnerable citizens,” said Eric Letsinger, President and Founder, Quantified Ventures.
Nonprofit Finance Fund provided a transaction structuring grant to Meals on Wheels America through the Pay for Success program of the Corporation for National and Community Service’s Social Innovation Fund to structure the first Pay for Success project for senior services. Together, Meals on Wheels America, Meals on Wheels of Central Maryland and Johns Hopkins Bayview will develop, design and carry out the project. Quantified Ventures, an experienced Social Impact Bond intermediary, will serve as the Transaction Coordinator for this project.
About Meals on Wheels America
Meals on Wheels America is a national organization supporting the more than 5,000 community-based senior nutrition programs across the country that are dedicated to addressing senior hunger and isolation. This network exists in virtually every community in America and, along with more than two million volunteers, delivers the nutritious meals, friendly visits and safety checks that enable America’s seniors to live nourished lives with independence and dignity. As a result, those seniors are healthier, feel more secure and less lonely, and are less likely to use high-cost healthcare services.
About Meals on Wheels of Central Maryland
Meals on Wheels of Central Maryland serves Baltimore City, County and surrounding counties and is the single largest provider of nutrition services in the state. It is one of the largest and oldest continuously operating non-profit home-delivered meal programs in the country. Now in its 56th year of service thanks to the sustained commitment of its staff, volunteers and donors, Meals on Wheels of Central Maryland serves 3,000 seniors a year.
About Johns Hopkins Bayview Medical Center
Johns Hopkins Bayview Medical Center, located in Baltimore, Maryland, is a full-service Joint Commission-accredited academic medical center. Among the wide range of services offered are an area-wide trauma center and the state’s only adult burn center. It is home to several centers of excellence including stroke, geriatrics, joint replacement and bariatrics, to name a few. As part of the Johns Hopkins Health System, their physicians hold full-time faculty positions at The Johns Hopkins University School of Medicine.
About Quantified Ventures
Quantified Ventures, located in Washington, D.C., was founded in 2014 to support social service providers, health systems, and governments by scaling evidence-based programs to reach a greater number of those in need. As an Intermediary in the growing Pay for Success industry, Quantified Ventures works with partners in the healthcare, environmental, and social services sectors to help them tap into the financial resources needed to scale operations and deliver meaningful impact.
About Social Innovation Fund
The Social Innovation Fund is a program of the Corporation for National and Community Service, a federal agency that engages millions of Americans in service through its AmeriCorps, Senior Corps, Social Innovation Fund, and Volunteer Generation Fund programs, and leads the President's national call to service initiative, United We Serve. For more information, visit NationalService.gov.
Jenny Bertolette, Meals on Wheels America