AI Assets helps NSW Aged Care facilities comply with new Fair Trading Legislation
Aged care facilities and retirement villages in NSW will find it easy to become compliant with new legislation that requires them to provide asset registers, asset management plans and capital maintenance plans by using a new proptech solution called AI Assets.
AI Assets is Australia’s award-winning property asset capture system that allows the property assets of retirement villages and nursing homes to be quickly and efficiently captured on-site and shared immediately to create accurate and compliant asset registers and asset management plans.
Under new legislation introduced by the NSW Department of Fair Trading, all operators of retirement villages must prepare and keep up to date an asset management plan that complies with the Retirement Villages Act 1999 and the Retirement Villages Regulation 2017 by submitting an up-to-date asset register and asset management plan by July 1, 2022. Failure to do so is to risk a hefty fine.
Using the traditional methods of property inspections of clipboard, pen and separate photos uploaded into spreadsheets and reports, such asset audits could be expected to take months.
But the AI Assets technology allows inspections to be conducted 80% faster with minimal disruption to aged care residents and for reports and budgets to be created almost instantaneously.
The CEO and founder of AI Assets, Wayne Herbert, said the changes in NSW retirement village legislation had created a lot of interest in the technology from nursing home property owners.
“AI Assets is ideally placed to help nursing home and retirement village operators because of the speed and consistency of how we capture asset data and the fact that once an audit has been undertaken, it’s really quick and easy to update the data,” Wayne said.
“Under the legislation, aged care operators need to provide a three-year report for capital maintenance. Using traditional methods of asset collection, this timeframe is a very difficult one to maintain, but using AI Assets, the data can be updated annually, or any time repair work is done.”
At the heart of AI Assets is an asset database of more than 1800 assets that Wayne, who has 20 plus years of experience in asset management, has identified, together with a structured approach for inspecting assets. Wayne said specialised nursing home assets were now being added to the database.
Once assets have been identified, the data can be quickly and easily turned into standardised reports and budgets or shared with existing facilities management software like Maximo and Archibus.
“While AI Assets does have a great reporting system, our specialisation is in capturing the data and so the technology works really well with existing facilities management systems,” Wayne said.
AI Assets was awarded Proptech To Watch at the 2021 Proptech Awards held by the Proptech Association of Australia in May. The company is a Sydney-based proptech startup that works out of Stone & Chalk.