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The American Pet Products Association reports that the companion animal market represents $62.75 billion dollars in sales annually. Furthermore, 65% or 79.7 million homes in the U.S. have a pet. With such a large market and increase in spending, how are we using data to analyze, target, and project trends? This question is increasingly important with the emergence of technology in the veterinary market, as this has generated more data to be collected and examined than ever before. This paper will identify ways veterinarians, buying groups, manufacturers, distributors, and pet owners can leverage animal health market data for optimal pet health.
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.
This paper will explore average invoice charges from animal hospitals around the nation. Data was collected from January 2010 until July 2016 and was presented as the average of monthly values in a given year for hospitals.
Sikka Software works with thousands of practices across the United States, Canada, the UK, Australia and New Zealand. As of this writing, 17,500 practices use Sikka Software’s applications, totaling over 19.3 million active patients in the Sikka Platform Cloud. The company processes approximately $4.5 billion worth of transactions a year. Sikka monitors vital animal health key performance indicators (KPIs) and tracks them in real time across all of our opt-in practices. Data is HIPAA and HITECH compliant and is free of animal hospital or client identifiers.