Non-governmental organisations are excited about the possibilities offered by a proposed new funding system, known as social bonds.
The Health Minister, Tony Ryall, wants to trial the scheme later this year, under which an NGO is privately funded to provide a service and later reimbursed by the Government if it meets certain targets.
Mr Ryall said it would give NGOs the flexibility to tackle an issue the way they wanted, without red tape and with funding from philanthropist groups and individuals, such as the Tindall Foundation and Sir Owen Glenn.
He said such a scheme could help reduce drug and alcohol use among young people or teenage pregnancy rates.
Senior fellow of the London-based health think tank the Kings Fund, Nicholas Timmins, said it was useful in Britain for projects where several government departments are involved, all with limited funding.
The Association of NGOs has been seeking feedback from its members during the past two months.
Chairperson Marion Blake said the scheme would free the organisations from a lot of red tape they have to deal with now but the challenge would be finding sufficient funding from philanthropist groups and individuals.