Helping provide outstanding healthcare to animals requires active cash flow through an animal hospital to support purchasing inventory, staffing and salaries. Part of understanding cash flow is discovering trends in revenue generation, including when it is being generated, how much, and by who. This data allows for financial growth planning as well as estimating potential costs.
Sikka Software works with thousands of practices across United States, Canada, UK, Australia and New Zealand. We have been working with opt-in data without identifiers and only rollups and summaries for over a dozen years. As of this writing Sikka Software has 17,600 practices, over 19.1m active patients and processes approximately $4.5B worth of transactions a year. We keep track of the animal health key performance indicators and track them in real time across all of our opt-in practices. Interesting trends are emerging for the national trends data for animal health. While new patients dropped in February 2016 compared to both the previous month and previous year same month, the number of new clients actually saw a 2% growth.
Milpitas, CA,— October 1, 2015 Sikka Software Corporation, the Practice Optimizer Company®, today announced an integration with RingCentral, Inc. (NYSE:RNG), a leading provider of cloud business communication solutions. The integration will merge Sikka Platform Cloud™ for non-physician, non-hospital healthcare with RingCentral’s extensive suite of business communication services.
As Sikka continues to transform the customer experience, improve workflow and make communication more consistent across all channels, the integration with RingCentral will offer an unprecedented amount of data and insights, giving Sikka a leg up on competition within the $220B retail healthcare space that includes dentists, veterinarians, audiologists, optometrists and more.
Sikka recently reported on how pet injury rates and veterinary clinic revenue increase significantly during holidays. This is due to exposure to risks such as new foods and situational hazards such as those related to camping or fireworks. From 2008 – 2014, July 4th was one of the top three days for increased invoice revenue from pet injuries. This update will examine the trends from the 2015 July 4th weekend and compare revenue generated to non-holiday calendar dates.+*0+*
Midmark approached the owners and staff of the five veterinary hospitals who participated in our study and asked how they were doing in the dentistry department of their practice. To a person, the responses spoke favorably of their dental case load, the number of cases they were doing daily and weekly. In fact, some exclaimed they were “booked out” for weeks. In order to accurately measure the impact of the improvements we were making as part of our proposed program, we asked for specifics: exactly how many dental procedures did you perform last year? What was your dental revenue? How did it compare to practice revenue?
Sikka Software data shows that veterinarian practices are more productive, collect more and have a lower accounts receivable balance than dentists or audiologists in the United States. Sikka data is based on opt-in practices without identifier information and only rollups and summaries from approximately 13,000 practices in these three specialties of office based healthcare marketplace.
At Sikka Software, last year we set out to define 'success' for a small business healthcare practice. After looking at over 1,600 active practices currently using our products we think we know a thing or two about what makes them successful. Let's begin by reviewing the definition of success. What we refer to as a small business healthcare provider office include dentists, veterinarians, audiologists and optometrists plus others.
This whitepaper is based on real time benchmarking data from thousands of opt-in practices gand shows the trends from June 2013 to May 2014. There has been no comparable work done in the past that uses real time benchmarking described here. We have based our analysis on over 1,000 installations that include both solo and group practices. This article is a work in progress and Sikka Software Corporation can provide more information and benchmarking data to those interested. This data is collected from a limited benchmarking set compliant with all privacy laws doesn’t have any patient or client identifier data.
This whitepaper is based on real time benchmarking data from just under a thousand veterinary practices and shows average pet charge in a small animal clinic over the last three years. The data provided in this research offers a unique perspective as it is derived from real time benchmarking data within the practice. This article is derivative of the ongoing research of Sikka Software Corporation; more information and benchmarking data for hundreds of key performance indicators can be furnished to interested parties. The data used in this study is collected from a limited set of benchmarking data compliant with all privacy laws.
Where should I install the VetCollect application? On the Windows PC in the Veterinary practice that is used for collection or A/R activities. Currently you can install VetCollect on ONE Workstation in each practice. This PC must be left on; the service runs at 2:00am local time each night.
Verify that Sikka Software’s Practice Monitor or other Sikka Software application has not already been installed on the Workstation you are planning to use. Check the the system tray, and if you see the blue “Sikka” icon you may need to choose another workstation or contact Sikka Software for assistance.