Shared Lives is providing an alternative model of care in which host families provide home and community-based care arrangements for vulnerable adults in need of support. This model provides flexible and person-centred care and is estimated to save local authorities up to £26,000 per person each year compared to traditional services.
Our investment is helping Shared Lives to deliver the service in four local authorities and build evidence to expand the service to more areas.
We will evidence the impact our money is having on the end users of the service, by improving their well-being through providing personalised and community-based care. The overall cost savings to local authorities will also be measured.
The aim of the Shared Lives Incubator is to support the high quality development of new Shared Lives arrangements. Funds will be invested up-front to support growth and will be repaid as a proportion of the management fee that the Shared Lives schemes receive from local authorities for each Shared Lives arrangement that they establish.
Our investment into this fund, alongside two foundation investors, is helping trial an innovative pilot scheme to scale a provision of social care that has previously struggled to scale. If successful, this intervention could help scale a personalised, community-based form of care, as well as attract mainstream investors into the market.
This is a ‘proof of concept’ fund that will invest in 3-5 Shared Lives providers to help them support 250 additional placements, with a view to raise further funding once this method of scaling the schemes is established.