Estia health is one of the biggest private aged care suppliers in Australia as said in (Estia Health, 2018) with 68 services, 5,910 operational places, and more than 7,000 employees in New South Wales, South Australia, Queensland, and Victoria.
Estia health is providing an excellent aged care thru Australia for almost 50 years. Estia’s determination is to be one family where everyone belongs. They provide quality care thru specialized healthcare teams, and their purpose is to offer a comprehensive and caring experience which can make them the family that people choose for aged care needs.
Estia makes sure that residents obtain the suitable care including personal assistance, meals, therapies and lifestyle activities. Estia health has an experienced team management and high-quality facilities. Every of Estia’s health homes has a lifestyle coordinator which handles a social program for the home and helps to adopt a lifestyle program which can help the individual preferences (Estia Health, 2018). Moreover, their values include clinical care which is to maintain the highest cares for their residents. They are fair and honest with their moral practices and performance. Their diversity is to respect every people from different backgrounds and provide a safe working environment for everyone.
Estia’s health achieves their objectives through providing the best quality of care and services and their performance is to meet their capabilities and aims that would make them the foremost reputable facility represent for their best facility across Australia (Estia Health, 2018). Estia health work hard to create a secure, personal and comfortable surroundings that make the client happy and letting them stay connected and involved with their community and with the people and activities they like.
Estia plan and aims for the future is to build ten thousand beds by the end of 2020. Estia health plans to increase organic growth with acquisitions, brownfield developments, corporate partnerships and Greenfield developments. Furthermore, Estia Health has been concentrating on implementing operational developments to progress its residents care needs and improve operating productivity. Estia targets to develop its working places through 500-1000 per annum thru single site acquisitions. Estia Health also wants to raise the number of its services to meet developing demand for their residential aged care services via brownfield developments. These will support Estia Health in delivering their growth strategies and raising the quality of Estia portfolio.
Estia Health builds twin waters and 114 beds by Sept 2017 and alternative twenty-two beds were opened in Kogarah by March 2018 and five other homes are in progress. Furthermore, Estia Health targeting on improving their existing homes to make sure that they deliver an excellent level of accommodation.
In addition, in June 2016 Estia Health opened five brownfield projects which contain supplying 108 new net places. Also undertaking 2 Greenfield projects and twin waters have been constructed and establishing 123 net new places in overall with both homes scheduled to open in FY18. This can provide additional improvements in the quality of Estia homes and also the living environment and lifestyle experience for their residents.
Furthermore, Estia health stated that the acquisition of four more Victorian aged care centers, and accumulating 232 beds more to their network and taking the overall number of new beds which are added to the organization in December to 873 (Rose,2015).
Deutsche Bank analyst David Low said Estia’s latest acquisitions confirm it is well on its manner to adding 500-plus places in the 2016 financial year, well ahead of the 300 he forecast earlier this year (Rose,2015).
MEASUREMENT OF ASSESSMENT OF STRATEGY
BALANCED SCORECARD (BSC)
Financial perspectives are one of the major perspectives underneath the BSC approach. Kaplan and Norton (1996) stated that financial performance can demonstrate if the accomplishment and execution of the strategy are contributing or harming the business. So for instance to estimate their financial perspectives, Estia Health can focus on their Key Performance Indicators (KPI) such as their ROI (Return on Investment) and revenues.
For Estia Health to achieve a substantial amount of growth, they need basis for new approaches to rise their current productivity. If Estia Health makes revenues and has positive cash flow, it will be able to sustain their daily operations. So as for Estia Health to satisfy future client’s demands after going into paused large-scale acquisitions for the immediate term and is aiming at maximizing the worth of its existing assets through a spread of operational enhancements, improvement, growth opportunities, and essential renovation opportunities that exist among the business. Estia,s principal sources of funds are cash flows from operations, net refundable accommodations deposits (RADs), bank debt, and $136,821,502 from a capital raising in December and January 2017. During this year Estia with success revived full $330 million in loan services with Westpac and CBA until August 2020, providing flexibility for continued growth thru the development and improvements of existing homes. By going into developing and improving accommodations and services they will be able to comprehend and encounter additional customer demands in their organization and allowing them to retain clients. Through developing and increasing consumers’ retention, it makes to increase their profits and margins for Estia health.
Ranaweera and Prabhu (2003) determine that happy clients can results into customer retention, making sure that a sustainable demand for the merchandise in long-standing time. For clients, the KPIs used to measure satisfaction are through the number of complaints received and the feedback provided by the customers.
Estia health needs to make sure that the standard and quality of services and facilities they provide to their customers are meeting the expectations set by their clients. Estia health needs to produce quality goods and services which will lead to customer’s acquisition and retentions.
There are some feedback and complaints from the customers of Estia health some of them are happy with their services and some of them are dissatisfied with their services.
As one of the visitors’ complaints that” clinical care is poor, medications lost and placed in the alternative patients draw. No training is given to staff on medical device brought with residents. There is poor communication among staff, the staff is not knowledgeable about their facility services”( Agedcarereviews.com.au,2018).
In order to meet customers satisfaction and increase their profits, Estia health needs to provide a good care and services to their clients and also need to provide training for their staff on medical devices.
Estia health must solve the issues that dissatisfied customers raised, with the time given to customers who provide feedback. Furthermore, in the long run, satisfied clients will become loyal customers, and the increase in the loyal customers will lead to an increase in their organization’s profits.
The internal processes
(Gekonge, 2005) identified that the internal business processes perspective emphases the internal industry outcomes that result in financial success and satisfied customers. To encounter the business intentions and customers’ expectations the organization needs to classify the important industrial processes at which they must excel. These significant business processes are monitored to make sure that outcomes will always be satisfactory. In addition, this perspective reports on the effectiveness of internal processes and procedures.
With developing and increasing the best quality services and facilities in the production process will decrease and minimizing dissatisfaction customers have towards Estia health services. The improvements will lead to the rise in efficiency in production, contributing to the revenue of services the industry which will lead to the growth in the business.
The learning and innovations
According to Kaplan and Norton (2001), learning and innovation perspectives are the significance of making a climate that supports organizational development and change. It is necessary for Estia Health to train their staffs to make sure that their capabilities, skills, and knowledge are able to support the strategy, and also to make sure that they have the necessary skills required. Estia Health can conduct annual assessments to assess their skills. Through conducting training programs for their employees and reskilling them, it will promote workers satisfaction and retention as we are encouraging the development of human capital in Estia Health. A KPI to look out for is to the employee retention rate.
Moreover, in order for Estia Health to stay ahead in the competition, they have to find numerous ways to continually develop themselves thru learning and innovation, like funding more money for Research and Development. Estia Health will need to have a strong research development in order to increase their quality of goods and services. A good communication is fundamental to the achievement of a business. Thru developing a appropriate process, Estia Health is able to decrease the time lag and communication barrier, and corporate with each other better to solve the issues and problems, hence reducing ineffectiveness with the support of these initiatives, which will advantage Estia Health in the long run.