I’m sure most of us visit a dentist, vet, optometrist or chiropractor a few times a year. But as a VC, I had not given much thought about the hundreds of thousands of “retail healthcare” practices that exist in the US as well as globally. That was until I came across Sikka Software.
We first met the Company in 2013 when it was just focused only on helping dental offices get more cloud-ready. It was a bit too early for us to get engaged. However, two years later, Sikka Software is well on its way to changing the retail healthcare industry forever. Its cloud platform is connecting over 13,500 practices (dental, veterinarian, audiology, etc) to a number of applications that help their offices optimize their operations.
The numbers are staggering…over 110 million interactions a month with XX million patients (can’t disclose), with almost $5 billion (with a B) in transactions flowing through their platform in 2014 alone. And the network effect is incredible. They are adding over 500 practices a month and already 26 of the leading applications from big companies like Mars, Dentsply, MWI, Henry Schein, Midmark (yes, who?) for these verticals are integrated into their platform. And all this with just a just couple dozen employees…
So what’s in it for the dentist or vet? Right now, most practices have an accounting system from Intuit, Sage, Freshbooks, Xero, etc. They may also have some practice-related software from Henry Schein, Patterson, Carestream but none of it talks to each other. And revenue-generating activities like claims processing are still manual. That’s where Sikka Software comes in, seamlessly cloud-enabling all these packages and allowing the dentist to do what he/she does best and increase revenue in the process.
We believe that retail healthcare is ready for the world of cloud and mobile, and Sikka Software is going to lead the way. I’m excited to be working with Vijay and his team.