What does P3 mean in MEDICAL

A Public-Private Partnership (P3) is a contract between a public agency and a private entity which allows them to collaborate in delivering shared services.

Public-private partnerships are usually used for major infrastructure projects such as transportation, housing, water and wastewater systems, telecommunications systems and other services.

The benefits of public-private partnerships include access to financing from private partners, access to expertise from the private sector, sharing of costs and risks between the partners, improved efficiency through competition for contracts and increased accountability due to transparency requirements on how funds are used.

Generally speaking, under a public-private partnership model, both parties contribute financially toward the project. The private partner invests money in order to build and/or operate the project while the public partner provides funding either directly or by issuing bonds or loans.

While there can be many advantages to working with P3s, they can also have some downsides including weak enforcement mechanisms which make it difficult to hold contractors accountable if they do not meet their obligations; increased costs due to additional legal advice needed when negotiating terms; potential conflict of interest due to joint responsibility for decision making; lack of clarity regarding who has ultimate control over decisions related to the project; long lead times for projects; and potential loss of control over services provided.