Insights from Retail Health Data Summit

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Awaken Data founder and data scientist, Karly Curcio Gula, participated in an expert panel at the Sikka Software Data Summit in Mountain View, California last week. The Summit was a collection of experts in the data analytics and retail health space (defined by Sikka as non-hospital, non-physician care from dentists, vets, optometrists, audiologists, and other providers). The data summit covered digital data topics including the availability of data in the dental and veterinary service fields, data use and monetization, and consumer pharmaceutical behavior. Select insights from the data summit are summarized below.

  • Data on outpatient retail health encounters are more prevalent and accessible than traditional hospital and physician practice encounters. There are indicators that these consumers are driven by more traditional economic demand factors: They seek greater quality and price transparency and are more likely to generate and use available data.
  • Dentistry and veterinary service sectors have experienced strong organic market growth over the last half decade. Professionals in both industries still struggle with accessing meaningful business insights from their practice management data.
  • The availability of biometric data in the companion animal industry is developing, but a lack of sustained consumer adoption persists.
  • Many larger organizations are sitting on vast amounts of qualitative data in the form of documents, and it’s not clear that the investment in converting those data into digital and easily accessible datasets will yield a high return on investment.
  • There is a proven record of digital data collection and analytics used to improve medication adherence in consumer pharmaceuticals with room for continued work on the issue.

Sikka Software’s data summit generated a successful dialogue on the value of data and its current and potential uses to drive growth in the retail health industry. While a revolution is occurring in the streamlining and accessibility of historic and current retail health provider data, there are many insights and algorithms yet to be developed to shape higher quality of care and cost cutting efforts in addition to empowering retail health providers with insights into their patient bases and future earnings.