Aged Care Asset Management

Hardcat works very closely with retirement villages and aged care homes to help achieve compliance and governance. Our many years of experience has taught us the real challenge lies not in using a software solution, but rather ingraining sound asset maintenance and management practices.

Asset managers need to be exceptionally meticulous and devoted since any challenges in compliance and maintenance could potentially lead to loss of licence to operate. The fact for aged care is that non-compliance and a lack of maintenance records could lead to problem assets, which could lead to injury or death of their guests, jeopardising the entire organisation. Companies of all sizes are subject to scrutiny, either via government agencies, regulatory boards and/or investors. So, accountability and transparency are key.

Our Hardcat solutions automate processes and ensure accuracy of data (maintained through a single register of truth) for the entire organisation, no matter how many sites or where they are located. We assist in the set-up of their cyclical work orders against assets; from air-conditioners to gym equipment safety checks, hydraulic beds and cleaning and servicing requirements.

We work very closely with the likes of Australian Unity – retirement and living villages and aged care facilities where we:

  • Run an independent project for ‘tagging and capturing all of the assets’ at any new or existing facility either as they are just built, or afterwards to create a valid register of all their assets that will fall under a maintenance regime to ensure compliance
  • Provide services to set-up their cyclical work orders against these assets. Which include items such as cleaning and condition of guest lifts/hoists, shared medical equipment and safety checks for hydraulic beds and servicing requirements

Hardcat also provides mobility and audit tools, as well as smartphone apps that allow you to manage work orders, audits, safety checks and much more.

Best practice aged care asset management systems should:

  1. be customer focused, mission driven, flexible and user friendly
  2. allow for flexibility to scale up efficiently as the business grows
  3. be responsive to changes in business conditions, technological developments and asset acquisitions or divestments
  4. include a way to track the physical location, performance and value of an organisation’s assets
  5. include the capability to communicate real-time information and coordinate actions across different business units and locations

Managing physical assets and equipment is a challenge that increases as your organisation grows. Smart managers recognize that a great product or service alone isn’t enough. Properly managing an organisation’s assets and operations is key to sustaining growth. Your asset management processes require the best tools, systems, and practices in order to stay on top of things.

It’s not just about maintenance

Properly maintaining your assets is important, but “asset management” is different, and extends your options. It’s the difference between deciding whether to own a building or rent one, or whether to fix a vehicle or trade it in for a new one. In short, asset management refers to the decision’s managers make about where and how to invest company money.

There are at least five such risks that primarily contribute to an organization’s failure to optimally manage their assets: 1) not knowing what they have; 2) over or under maintenance; 3) improper operation; 4) improper risk management; and 5) sub-optimized asset management systems.

The five biggest risks to effective asset management

Don’t risk the integrity of your asset data

Asset managers have a fiscal responsibility to shareholders and stakeholders to ensure that the investments made in the organisation’s assets produce the best return on investment, protect the assets, and keep guests, personnel and the environment safe. A properly funded asset management system should support these goals:

  • Safe, reliable and stable facility operations
  • Predictable failures and cost
  • Failure elimination
  • Lowest life-cycle cost and risks
  • Design of new systems, processes, facilities using the lowest total cost of ownership best practices

Top aged care asset management best practices

Keep everything together

Store and attach information to assets in your asset register. Attach work approvals, images and documents to the asset or its part. Without this information, you have an incomplete overview of maintenance and assets. Making it difficult to provide informed decisions on how best to approach maintenance.

Audit trail and overall security

Advanced audit trails help you to meet record-keeping requirements. An audit trail that tracks and records every detail of every action is fantastic when justifying the security and integrity of your business data. Add to this, permission-based access and you have a system that ensures confidential information can be viewed only by those that need to see it and safely hidden from those who don’t.

Component hierarchies (parent/child assets)

Link ‘parent/child’ assets. So important to establish hierarchical relationships and dependencies. This functionality makes it easy to accurately track and manage these hierarchical dependencies.

Global accounting

Companies operating globally need to have multi-book capabilities. To allow core asset information to be shared across books with different sets of figures, enabling compliance with both local and group depreciation policies. Track multiple warranty records, lease payments and other service contracts along with your company assets.

Reports and forecasts

Produce standard, customised and forecasting. This can be a complicated and intimidating process, especially without the right tools for the job. Standard and customised reporting and forecasting templates allow quick access too and extraction of data. Quick and advanced filters make it easy to generate reports and graphs on just the items you need.

Communication and transparency

Streamline business processes by using a central ‘single source of truth’. With Cloud and Web-based asset registers (with security control), access your asset data across multiple departments. A central asset register will provide information in a consistent and easy format.

Insurance premiums

Don’t pay insurance for assets you no longer own. The majority of businesses are actually over insured, with less than 40% of assets on the register easily identified during a physical audit and an estimated 20% no longer in existence.

Identify and track assets needing maintenance

Generate work orders automatically (schedule or manually from service requests). Mobile work orders via tablets and mobile phones will keep your service crews in the field. While you monitor tool crib issue and return, so you’ll always know who has which tools. Define, monitor, and graph key asset performance indicators such as MTBF (mean time between failures) and MTTR (mean time to repair).

Aged Care Essential Inventory cover
Aged Care Essential Inventory

In your industry, there is no room for error. You need to have knowledge and control of your assets and provide a high level of service and safety for your guests. The healthcare and aged care sectors are one of the most highly regulated industries in the world. Good governance, compliance and risk mitigation are critical to your business. Your employees rely on having the right equipment in good condition for those that they serve.  

Hardcat Aged Care Clients
Hardcat Aged Care Clients

Can you afford not to invest in good asset management tools?

More information on aged care asset management

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