Highlights
IRT is fully compliant with all changes to legislation
More reliable data for financial forecasting and optimisation across lifecycle
All systems use the newly captured asset data
Committed team with a vision
🛠️ Delivering high-quality housing and care
Founded in 1969, IRT’s mission is to provide better options in housing and care for older people. As one of Australia’s largest community-owned providers of independent living, residential aged care, and home care, IRT improves the lives of more than 9,100 people every day across 36 communities in NSW, the ACT, and QLD (including 29 retirement villages).
IRT’s values are based on customers being at the heart of purpose. IRT has been committed to delivering consistently high-quality experiences for over 50 years and helping customers achieve their optimum quality of life.
⚖️ New regulatory demands on Retirement Living operators
In 2021 an amendment was made to the NSW Retirement Living Act (1999). The amendment (Retirement Villages Amendment (Asset Management Plans) Regulation 2021) outlined the requirement for retirement village operators in New South Wales to develop and manage a detailed asset management plan for all properties in their portfolio.
While the retirement living industry welcomed these changes as enabling better standards and processes, it has also created more complex compliance requirements. To meet the regulatory requirements operators need the right level of data & information, as well as technology that enables effective collection, storage, and analysis.
💡 Achieving the visibility needed for compliance
As one of Australia’s largest community-owned independent living providers, IRT was already taking a mature approach to asset management. Systems were already in place, such as a CMMS (Computerised Maintenance Management System) and a financial platform.
However, asset data was recorded at the Village level, and not at the level of granularity to meet the new requirements of the Act. IRT needed to capture additional data from its 24 NSW retirement villages to ensure accurate and seamless compliance.
✅ Great data enabling compliance and beyond
IRT worked with AssetFuture to collect the additional data required and make it available in the AssetFuture Platform. Importantly, this was carried out as a strategic business project rather than just an IT (Information Technology) upgrade. Decision makers were actively involved, and it was led by IRT’s Executive General Manager of Home Care and Retirement Living, Ross Gallagher.
AssetFuture’s custom Asset Management Plan templates have been custom-designed to meet the requirement for NSW Retirement Living Operators, and so once the data was collected, the process for creating compliant AMPs was very straightforward.
🚀 Take Your Compliance and Asset Efficiency to New Heights
Are you looking to improve compliance and optimise asset efficiency? AssetFuture can help. We're offering Retirement Living and Aged Care Operators an exclusive Asset Maturity Data Health Check, designed to provide valuable insights into your organisation's current status and potential areas for improvement.
To learn more about this offer and register your details, click the button below:
““Having an accurate and reliable single source of truth through AssetFuture’s platform has transformed our operations. Managing compliance is now a breeze and we have full transparency. This has made financial forecasting much easier, as well as asset optimisation, as we are able to carry out much more accurate future forecasting.””
The process of adoption took just five months, allowing IRT to easily meet the deadline for compliance, as well as allowing a much more proactive and streamlined approach to Asset Management. With all the data available in a single source of truth, IRT has a clear line of sight into its operations and can make informed financial decisions based on whole-of-life costs of their assets, as well as meet required service levels and regulatory obligations.
““IRT had a dedicated team committed to making this project work. Their mature approach to data contributed to the success of the project and the speed of implementation. Having a committed change management team with a vision was instrumental in enabling IRT to reach the next level of strategic asset management, which will benefit the organisation, team members running the communities, and of course the residents they support.” ”
