The turnover of health and social care enterprises has increased by an average of 121 per cent in the past year, compared with an average growth of 42 per cent across all social enterprises, according to new figures.
The data is in the latest quarterly figures from the RBS SE100 Index, which ranks social ventures according to their growth and social impact, and is based on information taken from accounts in the public domain and additional information provided at the companies’ discretion.
The index, which is produced by the social innovation agency Matter&Co in partnership with the bank RBS, says that 537 of the 3,503 enterprises listed on the index are primarily focused on delivering health and social care services.
Their activities include running hospices, promoting healthy eating and offering training for people with learning difficulties.
Health and social care is the second biggest sector behind housing associations on the index and accounts for £852m out of the total £11bn turnover of UK social enterprises.
The report says that 97 per cent of income for health and social care enterprises comes from local authority or health services contracts, with many of these organisations being public sector spin-outs.
Tim West, director of the communications company Matter&Co, and founder of the SE100, said: "Health and social care is an area of great need and great opportunity – an ideal environment in which social enterprises can thrive. The recent announcement of a 30 per cent tax relief for social investment means potential investors will also be scouting this sector with their cheque-books open."