Yes, but eliminate contractual occupancy quotas

Financial incentive should never come into play when it comes to incarceration, one only needs to look at countries like the USA where corruption within the prison system is at best debateble

People should be sent to prison (or not) based on the severity of their convictions. If this means we have under subscribed or over subscribed prisons then so be it.

Contractual occupancy quotas are just the most obvious ethical problem with privatising the prison system. A profit motive in locking people up is completely counter to a just society.