How asset management software can help with sustainable delivery of aged care services

Monday, 15 May, 2023

How asset management software can help with sustainable delivery of aged care services

Australians are living longer, leading to a rapid increase in demand for aged care.

By 2058 there will be more than 1.5 million Australians over the age of 85, compared to just 503,685 in 2019.

With this comes an increased demand for aged care facilities. The government has recognised this with aged care investment having grown by 161% since 2012–13.

Assets form a key component of delivering services to the aged care community. Given the sheer number of assets within facilities and regular movement, keeping track of them can be time-consuming and require high attention to detail. Asset information is often recorded in multiple siloed systems and isn’t kept up to date, resulting in low information confidence and the inability to best manage assets and associated funds.

Less time managing multiple systems, more time on patient care

Integrated asset management software is key to aged care providers being able to spend less time managing multiple data systems and more time delivering high quality care. It is essential in reducing operating costs and wastage, streamlining business processes and managing compliance through improved asset visibility, accuracy and efficiency.

From day-to-day operations to long-term asset planning, asset management software enables providers to look at the full cost and performance of every asset so resources can be put to best use. It can aid in understanding the maintenance expenditure required to ensure assets meet statutory compliance and performance obligations while making sustainable decisions about equipment to ensure they can continue to provide the best care effectively. It also helps providers understand the future costs of maintaining facilities at a granular level, resulting in more certainty and fewer surprises in unplanned capital and maintenance works.

Full project lifecycle management

Asset management software can help successfully meet long-term capital objectives on time and within budget by being able to identify projects early on and control and govern a project throughout its full lifecycle. This provides the ability to allocate the necessary capital spend across the relevant investment portfolios to ensure the services they plan to implement get delivered.

Due to the aged care industry being so highly regulated and competitive, providers are under increasing revenue and compliance pressure. The seamless tracking, monitoring, and reporting capabilities of asset management software help providers to maximise eligibility for available funding.

Global ERP software company TechnologyOne empowers over 160 health and community services organisations with their software and its Sales Director for Health and Community Services, Vanessa Devine, has heard first-hand why there’s such a need for products like TechnologyOne’s Enterprise Asset Management.

“Aged care providers are already under a lot of strain, which is only going to increase as our ageing population grows. Providers are going to need more space, more staff, and more facilities to cater to this increase in patients,” said Devine.

“Our customers have found that our Enterprise Asset Management solution has been able to help them plan for the future, and deliver new facilities, under budget and before deadline. This has been crucial for aged care providers working with tight budgets and limited time.”

TechnologyOne’s Enterprise Asset Management enables aged care providers to focus on better health outcomes for patients, reduce operating costs and wastage, and manage compliance through improved visibility, accuracy, and efficiency.

Discover a system that offers one single source of truth by visiting this link:

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