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Agenda item 3.3: Managing Director’s Report
In line with our growth strategy, GRSK are acquired one new facility since
the last board meeting, adding 75 new beds to our portfolio. This facility was
purchased from a not-for-profit operator who was financial difficulties
and could not meet the required accreditation standards set out by the Aged
Care Quality and Safety Commission. The facility is in need of a complete
refurbishment and upgrading to meet our standards of extra services. The
facility is expected to be refurbished and available for resident occupancy by
Our acquisition strategy has been successful as we are now in a position with
our strong cash flow from increased Refundable Accommodation Deposits
(RADS) to be able to continue to purchase other facilities in locations
consistent with our strategy. In the past, we have looked to inexpensive land
on the fringes of capital cities, but with potential residents being able to
afford higher RADs, and therefore a better type of accommodation, we have
been looking at locations with sea views or in the centre of a city, close to
specialist private health facilities.
Care and services review
The company has made satisfactory progress in delivering improved
Workplace Health and Safety (WHS) outcomes compared to the previous
year. You will recall that we had a fire in the kitchen at the Wynnum facility,
which was reported in the media. Although the fire brigade was contacted
quickly and the fire contained, there were many questions about the speed at
which we were able to evacuate residents, particularly those on the second
floor, many of whom had limited mobility. The media were quick to lay
blame on the design of the facility as well as the low staff-to-resident ratios.
This resulted in some residents electing to leave and move to single story
residences. The financial impact of this event was negative, as 40 residents
left within two weeks of the fire, with $18m in RADs required to be paid out
within 14 days of residents giving notice.
We are still concerned that the number of WHS incidents are greater than the
benchmark. We need to actively pursue all WHS incidents and learn from
them in order to meet accreditation standards. We received a warning in
2019 for the Wynnum incident. We want to ensure this does not occur again.
A revised WHS policy document has now been put in place ensuring all staff
and contractors are trained in the potential risks around our aged care
facilities, particularly staff that are new to working at an aged carefacility.
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