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 very high correlation to 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 = 0.7594
This chart below is shown as a point of comparison. Copper has historically been venerated as "Dr. Copper" due to the seeming ability of its price movements to "predict" inflation, yet its correlation of 0.7181 is significantly lower than our Dental Inflation Indicator (the first chart), which has a correlation of 0.7594.
Copper Price and Inflation Rate Correlation = 0.7181
The consumer confidence index has a very high correlation to dental data because we have a very good handle based on the appointments. Patients make appointments when they obviously are confident that they will have a job or their insurance will apply and it's only then that they accept an appointment.
Dental Consumer Confidence Indicator Correlation = 0.8028
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.
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