Lou Pascuzzi has been on an impressive journey since commencing his role as CEO of TLC Healthcare and has been instrumental in elevating benchmarks in the Australian residential aged care industry. Here, Lou shares his vision for the business and unique insight into the market.
What does your role as CEO of TLC Healthcare involve?
I’ve engaged a best-in-class executive team at TLC Healthcare who take care of the day-to-day running of the business, allowing me to focus my attention on the company at a macro level. My vision is to provide the best care possible for residents, as well as expand TLC’s commercial offering and maximise stakeholder satisfaction, utilising both traditional and innovative means.
The aged care industry is heavily reliant on Government funding and as demand for financial support from the Federal Budget increases the industry will come under greater pressure. In my role as CEO I identify ways to diversify TLC’s revenue streams through complementary business opportunities so that the organisation is not so heavily reliant on these funds.
It is also important that TLC continues to increase its footprint in Victoria and I have undertaken a schedule of building new homes and redeveloping our existing ones to make them a sustainable attractive option for future generations.
What have been your greatest achievements over the past 12 months?
Throughout 2015 I’ve focused on implementing a $120 million investment strategy to expand TLC’s current network of homes and revitalise residential aged care in Victoria.
In a major development, TLC has commenced providing primary care services through wholly owned medical centres located within our homes. Once we have achieved Registered Training Organisation status, TLC will also provide industry training. To accurately represent this new direction, TLC Healthcare has been introduced as our new corporate identity with TLC Primary Care, TLC Aged Care and TLC Learning as our operating brands.
TLC Primary Care is now operational with our first two medical centres having opened at Noble Park in October 2015 and Belmont in February 2016. The next stage of our strategy will see medical centres opening in Donvale, Altona North and Frankston North in 2016. We will also be constructing new homes, renovating existing locations and upgrading facilities with innovative aged care services.
I was also very proud to be named ‘The Most Outstanding Chief Executive Officer in the Care Home Sector Globally in 2015’ at the recent Over 50s Global Housing Awards in London.
What impact have you had on TLC Healthcare since you commenced?
Since I joined in December 2013, our existing aged care homes are being transformed into modern facilities with unique service offerings such as medical centres, gymnasiums, virtual reality cinemas, swimming pools and cafes.
We have rebranded and reconfigured the organisational structure to allow TLC to grow and diversify into the future and put together a team of people with diverse skills from the aged care, healthcare, occupational training and other industries who bring a fresh perspective to the organisation.
TLC is enjoying the highest level of occupancy in our organisation’s history and our new service offerings are providing revenue to complement the success of our aged care division.
Could you share any advice for building a world class aged care business?
The aged care industry is going through a period of rapid and dramatic change. Some providers will flourish during this transition and some will be acquired by larger organisations. The ones who don’t pursue the opportunity to diversify, innovate and expand on multiple levels won’t survive.
My advice to other providers would be to look further afield for people with expertise in healthcare and use their knowledge to reinforce and strengthen your service offering. For too long the aged care industry has seen itself as independent of the healthcare industry and that must change. The integration of healthcare services is a sustainable option for the future of aged care.