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Medical Accounting Software


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Intacct logo
 
Intaact provides Software-as-a-Service (SaaS) or accounting software for many sizes and types of organizations, including hospitals, long-term care facilities, ambulatory core practices and other healthcare organizations.
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Intaact provides Software-as-a-Service (SaaS) or accounting software for many sizes and types of organizations, including hospitals, long-term care facilities, ambulatory core practices and other healthcare organizations.
 
NetSuite logo
 
Because NetSuite is a cloud solution, the system can be accessed from any web browser and NetSuite will host and maintain the data. This allows health care providers to focus more on delivering care to patients rather managing IT.
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Because NetSuite is a cloud solution, the system can be accessed from any web browser and NetSuite will host and maintain the data. This allows health care providers to focus more on delivering care to patients rather managing IT.
 
Cougar Mountain DENALI logo
 
Denali Accounting Software works for a variety of industries, but is ideal for nonprofits, governments and point-of-sale businesses. Available as either a Web-based or on-premise system, it's a great match for SMBs.
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Denali Accounting Software works for a variety of industries, but is ideal for nonprofits, governments and point-of-sale businesses. Available as either a Web-based or on-premise system, it's a great match for SMBs.
 
Multiview logo
 
Multiview Corporation offers healthcare organizations a robust, affordable alternative to overly complex or expensive tier 1 accounting systems. Standard features include G/L, A/R, A/P, work order management, and more.
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Multiview Corporation offers healthcare organizations a robust, affordable alternative to overly complex or expensive tier 1 accounting systems. Standard features include G/L, A/R, A/P, work order management, and more.
 
AccuFund Accounting Suite logo
 
AccuFund is a full-featured accounting and financial reporting solution that was created specifically for the nonprofit industry. Nonprofit organizations and government agencies with multiple funding sources need to report activity... Read More
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AccuFund is a full-featured accounting and financial reporting solution that was created specifically for the nonprofit industry. Nonprofit organizations and government agencies with multiple funding sources need to report activity... Read More

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Sage Fixed Assets logo
 
Sage Fixed Assets can serve the needs of a broad range of industries--including medical. What we like best about Sage Fixed Assets is that users get the robust functionality they need in an easy-to-learn and intuitive interface.
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Sage Fixed Assets can serve the needs of a broad range of industries--including medical. What we like best about Sage Fixed Assets is that users get the robust functionality they need in an easy-to-learn and intuitive interface.
 
SAP Anywhere logo
 
SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
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SAP Anywhere integrates sales, marketing, e-commerce, and inventory activities into one complete front-office system. With SAP Anywhere users can manage and track inventory, manage orders, manage the procurement process, and more.... Read More
 
Abila MIP Fund Accounting logo
 
Abila Fund Accounting 100 (formerly Sage MIP) is an award-winning financial management system can support multiple different budgets at once, managed over different time periods. The ability to add modules over time is valuable.
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Abila Fund Accounting 100 (formerly Sage MIP) is an award-winning financial management system can support multiple different budgets at once, managed over different time periods. The ability to add modules over time is valuable.
 
Deskera logo
 
Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
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Deskera is an enterprise resource planning software formulated to run manufacturing operations. The system is suitable for companies manufacturing for a variety of industries. Textiles, automotive, distribution, metal processing, pharmaceuticals,... Read More
 
FinancialForce Financial Management logo
 
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More
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FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read More

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Microsoft Dynamics AX logo
 
Often recommended for medical and pharmaceutical organizations, does far more than core accounting. AX is the most functionally rich enterprise resource planning system in the Microsoft Dynamics family of products.
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Often recommended for medical and pharmaceutical organizations, does far more than core accounting. AX is the most functionally rich enterprise resource planning system in the Microsoft Dynamics family of products.
 
Fusebill logo
 
Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
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Fusebill provides businesses with cloud-based financial and accounting processes, including core accounting, billing and invoicing, financial reporting and more. The system is suitable for small businesses, as well as midsize companies... Read More
 
UNIT4 Financials logo
 
Unit4 Financials (formerly Coda Financials) is a suite of global accounting and broader financial management applications. These include general ledger, accounts payable and receivable, fixed assets, budgeting, project accounting and... Read More
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Unit4 Financials (formerly Coda Financials) is a suite of global accounting and broader financial management applications. These include general ledger, accounts payable and receivable, fixed assets, budgeting, project accounting and... Read More
 
Xledger logo
 
Xledger is an automated and scalable cloud-based accounting/ERP solution for medium- to large sized companies and is designed to provide insight and analytics for decision-makers. The system is an out-of-box solution that is configurable... Read More
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Xledger is an automated and scalable cloud-based accounting/ERP solution for medium- to large sized companies and is designed to provide insight and analytics for decision-makers. The system is an out-of-box solution that is configurable... Read More
 
Activity HD logo
 
nQativ’s Activity HD is an accounting and payroll solution suitable for small to mid-size companies. It offers tools to sort, filter and present data, plus security features to satisfy data confidentiality requirements. Activity... Read More
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nQativ’s Activity HD is an accounting and payroll solution suitable for small to mid-size companies. It offers tools to sort, filter and present data, plus security features to satisfy data confidentiality requirements. Activity... Read More

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Acumatica ERP logo
 
Acumatica ERP delivers adaptable cloud and mobile technology with a comprehensive user licensing model, enabling a complete, real time view of a business anytime and from any location. Through a worldwide network of partners, Acumatica... Read More
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Acumatica ERP delivers adaptable cloud and mobile technology with a comprehensive user licensing model, enabling a complete, real time view of a business anytime and from any location. Through a worldwide network of partners, Acumatica... Read More
 
Oracle JD Edwards logo
 
JD Edwards EnterpriseOne is used by small to medium-sized companies and Fortune 500 companies alike. The system can manage medical supply purchasing and includes IDC-9 and CPT coding information to manage medical accounting.
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JD Edwards EnterpriseOne is used by small to medium-sized companies and Fortune 500 companies alike. The system can manage medical supply purchasing and includes IDC-9 and CPT coding information to manage medical accounting.
 
SAP Business One logo
 
SAP Business One helps providers improve patient care and control costs. It integrates with industry specific software aimed at providing healthcare facilities with the tools to maintain government compliance.
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SAP Business One helps providers improve patient care and control costs. It integrates with industry specific software aimed at providing healthcare facilities with the tools to maintain government compliance.
 
Microsoft Dynamics GP logo
 
Microsoft Dynamics GP offers a vertical application specific to the medical field. It lets medical providers and healthcare facilities more efficiently track and report on practice financial information.
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Microsoft Dynamics GP offers a vertical application specific to the medical field. It lets medical providers and healthcare facilities more efficiently track and report on practice financial information.
 
Exact Globe Next logo
 
Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
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Exact Globe Next is an end-to-end business management solution. It offers accounting, inventory management, billing and invoicing, financial reporting, and more. This ERP system can be deployed either on-premise on a local server,... Read More
 

Buyer's Guide

by Eileen O'Loughlin,
Market Research Associate
Last Updated: May 20, 2017


Medical accounting software can streamline accounting processes and cut back on errors associated with manual data entry. Accounting software for healthcare or social services industries will include a number of features that support the management of day-to-day accounting and business practices, including:

  • Automating billing and invoicing
  • Managing payroll
  • Assisting with patient scheduling
  • Supporting billing with insurance companies
  • Maintaining HIPPA compliance

We’ve created this guide to help medical professionals as they evaluate accounting software. We’ll highlight the critical capabilities to be on the lookout for and outline several considerations buyers should keep in mind as they compare solutions.

Here's what we'll cover:

What Is Medical Accounting Software?
Common Features of Medical Accounting Software
What Type of Buyer Are You?
Evaluating Healthcare and Social Services Accounting Software

What Is Medical Accounting Software?

Healthcare and social services organizations have specialized needs when it comes to accounting. Not only do they need to keep accurate financial records, but they have rigorous compliance standards to maintain to be in keeping with the numerous laws regarding the safety and privacy of patient data.

The core accounting functions needed to balance a medical organization’s books include:

  • General ledger (GL): Used to prepare financial statements and reports, the GL is the record of the entirety of a healthcare organization’s financial transactions. It includes statements on revenue and expenses, assets and liabilities.
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  • Accounts receivable (AR): Commonly called “assets,” AR refers to the money owed to the medical organization, but not yet paid, for services rendered.
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  • Accounts payable (AP): Commonly called “liabilities,” AP refers to the money owed by the medical organization to its suppliers and creditors.

Medical accounting software also support billing to insurance companies, as well as Medicare and Medicaid. Specific budgeting tools for the financing structure in those industries are typically included, and integrate with electronic medical records software for meaningful use.

Common Features of Medical Accounting Software

In addition to the core features listed above, look for the following healthcare-specific features:

Medical materials management Manage the purchasing and disbursement of supplies, especially any pharmaceuticals or lab materials with a shelf life. This prevents lost inventory and/or charges.
Patient/insurance/CMS billing Between copays, reconciling EOB forms and the Centers for Medicare & Medicaid Services, the bureaucracy associated with healthcare accounting adds several layers of complexity most industries don’t have to deal with. These systems typically includes ICD-9 and CPT coding information, claim scrubbing and electronic claims submission.
Integration with electronic medical records Electronic medical records (EMRs) track patient notes, demographics, family medical histories and medications. They also typically include features like e-prescribing, lab and medical device testing integration and voice recognition notes software. In the move for all providers to adopt EMR technology, integrating with that data is critical for most buyers.
HIPAA compliance If your system contains any patient data, you’ll need a solution that not only performs the necessary accounting functions, but also complies with HIPAA’s privacy regulations.
Integration with patient portals Provides patients with 24-hour access to services including access to medical records, appointment setting, prescription refills and online bill pay. The latter allows patients to view bills and make payments via credit card.
Financial reporting Capture business transactions, analyze revenue and expenses and gain insight into performance trends. Filter data by department, employee, medical supply, etc. to view reports on every aspect of your business.

What Type of Buyer Are You?

There are hundreds of medical accounting products on the market place designed to suit a variety of needs. The most critical factor to consider in selecting your healthcare/social services accounting software is your size and type of organization. A hospital provides a large number of disparate services, whereas a private practice may have only a handful of physicians within a single specialty.

For example, ophthalmologists will need to monitor retail sales, while a cardiologist does not. Social services, palliative/hospice care and rehab all have their own unique needs, too. Therefore, it’s essential to ensure your software solution is designed to handle the accounting functions that meet your facility’s unique needs.

We find that the majority of medical organizations we speak with fall into one of the following categories:

  • Inpatient facilities
  • Outpatient facilities
  • Specialists
  • Small practices
  • Midsize and large practices

These organizations can purchase accounting software in both on-premise and cloud-based solutions. On-premise accounting software will be hosted internally, on the healthcare organization’s servers. Typically, on-premise software is sold via perpetual license, meaning the medical organization pays a one-time fee to own the software and use it indefinitely. They are responsible for maintaining the software on their own and can purchase upgrades from the vendor as needed.

Conversely, cloud-based accounting software is hosted remotely on the vendor’s servers. Healthcare organizations pay a recurring monthly or annual subscription fee which allows them to use the software for that amount of time. The fee includes the cost for support, maintenance and upgrades supplied by the vendor.

An additional consideration is whether to purchase medical accounting software as best-of-breed or in suite, as part of a larger medical practice management system. Practice management platforms will handle the majority of the healthcare organization’s business functions, from reporting to accounting to patient scheduling. Visit our medical practice management buyer’s guide for more information about these systems.

Healthcare organizations may choose to supplement their existing medical billing software with a more robust accounting platform if the billing system lacks core accounting features. Buyers purchasing best-of-breed or standalone software should first ensure the product integrates with the existing software in place at the organization.

Evaluating Healthcare and Social Services Accounting Software

The most critical factor to consider in selecting your healthcare/social services accounting software is your size and type of organization. A hospital provides a large number of disparate services, whereas a private practice may have only a handful of physicians within a single specialty. Inpatient facilities track patients differently than outpatient facilities. For example, phthalmologists will need to monitor retail sales, while a cardiologist does not. Social services, palliative/hospice care and rehab all have their own unique needs, too. Therefore, it’s essential to ensure your software solution is designed to handle the accounting functions that meet your facility’s unique needs.

When evaluating these systems, buyers should consider the following:

  • Do you bill primarily to insurance companies, Medicare/Medicaid, patients or a combination?
  • Will you also need electronic medical records (a.k.a. electronic health records) software, or do you already have software that will need to be compatible with your new accounting system?
  • Will you be storing any patient-sensitive information in your accounting software?
  • Do the features fit the size and type of facility (for example, hospital vs. private practice; outpatient vs. inpatient; medical vs. social services etc.)?
  • Can it generate the appropriate reporting documents for auditors?
  • Does it scrub medical claims and reconcile insurance billing with explanation of benefits forms?

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