COVID-19 has put an unprecedented strain on the healthcare sector, creating new challenges for the managers of healthcare assets. Hospitals are experiencing higher utilisation than ever, along with raised requirements around hygiene and staff and visitor safety, putting pressure on maintenance and cleaning services.
Conversely, some clinics have been forced to close or to limit business, resulting in a government hold on evictions and a mandatory code of conduct for commercial tenancies. This puts asset management budgets under increased strain, at a time when governments are also introducing higher requirements for asset management accountability and service delivery. Population growth and ageing assets are further pressures in the healthcare sector.
Mandatory Asset Management Requirements
State governments are increasingly introducing mandatory requirements to provide confidence that physical assets, such as hospital buildings, machinery and equipment, are being managed in a financially responsible manner, minimising the cost pressures faced by the sector.
An early example of this was the introduction of the Asset Management Accountability Framework in Victoria (AMAF). The framework outlines a series of requirements that Government organisations have to attest to meeting in their annual reports. The aim is to allow public sector bodies to manage their assets in a manner that’s consistent with government requirements, their own specific operational circumstances and the nature of their asset base.
The AMAF requirements are essentially related to good asset management practice with service delivery at the core of the process as illustrated here:
One of the primary aims sought by the Government is that organisations:
“efficiently provide the services required by Victorians by ensuring that assets are appropriately planned, built, acquired, used, maintained and exited from or disposed of”
A more recent example is the Infrastructure NSW Asset Management Policy. Its aim is to “achieve a consistent and improved approach to asset planning and delivery across Government, based on current industry asset management standards and approaches.”
Similar to Victoria’s Asset Management Accountability Framework, it prescribes a series of mandatory requirements for which compliance must also be attested on an annual basis.
Some of the key requirements of these government-led initiatives include:
The development of an appropriate asset register that contains accurate and comprehensive information on the entire scope of planned and current asset portfolio across an organisation.
The development of Asset Management Plans comprehensively documenting all lifecycle activities required to support services and the financial implication of these activities
The implementation of procedures to manage asset information so it is comprehensive, accurate, up-to-date, and relevant to the effective management of the assets
While these State Government initiatives only apply to Government entities, the principles equally apply to asset managers in private enterprises who want to maximise the value of investment in physical assets. If they’re appropriately implemented, solutions to comply with the requirements will help relieve the cost pressures that the Health sector is currently facing.
How AssetFuture can help deal with these future pressures
AssetFuture is a cloud-based asset intelligence tool that provides a highly data-driven means of forecasting operating and capital funding required to maintain health facilities and equipment to a pre-determined condition and risk level.
The data analytics can not only determine the baseline funding required over the life of assets, it can also assist with balancing condition and risk in an environment where funding is constrained. This is especially important to health care providers struggling for sufficient funding to suit their needs and minimise the cost of maintaining facilities.
Ultimately it helps reduce the cost pressures placed on the health care sector, maximising the ability for each organisation to continue to provide much needed and increasing services to the community.
Asset Register
At the core of the AssetFuture platform is a comprehensive asset register containing:
a unique identifier for each asset in the portfolio
a location identifier within the asset hierarchy as well as a geographical reference
the current condition of each asset
the criticality of each asset to achievement of the organisation’s objectives
levels of service required for each asset based on its criticality
activities required to maintain the asset over its lifecycle including to the determined level of service
the future financial, risk and condition implication of each of these activities
ASSET MANAGEMENT PLAN
The platform is used as a primary input source to the Asset Management Plan required by Government asset management frameworks. These Asset Management Plans optimise asset related outcomes based on stakeholder expectations and a given funding level by prioritising investment where it is most needed. This maximises patient outcomes as well as satisfaction levels with services provided.
ASSET INFORMATION MANAGEMENT
AssetFuture also works with organisations to maximise the benefits associated with using the platform. This can include carrying out an Asset Information Management Maturity Assessment in order to identify process improvements to the way asset information is managed across the business. AssetFuture can then work with the organisation to develop an Asset Information Strategy which is essentially a road map of prioritised activities to carry out improvements identified during the assessment.
The Internet of Things
The Internet of Things (IoT) is another area where AssetFuture is working with organisations to maximise service outcomes. This involves working with the organisation to determine the most appropriate use of IoT devices to gather data that can inform asset design and operation practices.
For example, the challenges caused by environmental factors previously mentioned can be better managed through:
Monitoring built environment temperatures to ensure they are within a reasonable range to not exacerbate air pollution and biological hazards, or significantly increase mortality.
Monitoring UVR levels in the built environment to reduce the risk of rickets and osteoporosis caused by a lack of vitamin D.
Monitoring CO2 levels to reduce the risk of Sick Building Syndrome.
Monitoring relative humidity to identify dampness issues that can lead to respiratory and asthma related health outcomes.
Who Are We?
AssetFuture is a company focused on data. We’re more than just a platform. Our cloud-based technology leverages terabytes of data to categorise and model components, asset systems and drive decisions across the lifecycle of assets large and small. Our team of consists of asset management specialists, technology experts and data scientists working together to deliver results.
Asset Intelligence is about analysis. It’s deep data on your assets throughout their lifecycle driving the decisions you need. Asset Intelligence leads to significant business benefits. Cost savings, decreases in risk, and an enhanced ability to make strategic decisions for the entire lifecycle.