Sikka was able to track the impact of the pandemic better than anyone else out there. We created an Industry Trends website that can be accessed to see week-over-week performance of practices. Interestingly, there is a high correlation between certain practice data points and economic performance. Coming back to the present time, as things get back to the new normal once again, our data is particularly accurate because we have past, present and future recall treatments and other forward indicators – so we can tell you how the inflation indicator is going to be, looking ahead, in addition to what it is at the present time. The correlation coefficient is above 0.7.
Dental Inflation Indicator Correlation = 0.6972
Copper has historically been venerated as "Dr. Copper" due to the seeming ability of its price movements to "predict" inflation. This chart below is shown as a point of comparison.
Copper Price and Inflation Rate Correlation = 0.7233
Sikka Insights collects up-to-the-minute, consent-based, deidentified data from dental, veterinary, and optometry health care providers, which utilizes our single API to seamlessly connect with Practice Management Systems. Practice-level data is aggregated to track trends at local, state, regional or national levels to drive actionable yet insightful decisions.