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Sage Intacct

Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read More
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Zoho Books

Zoho Books is a Web-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books also comes with... Read More
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NetSuite

NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read More
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Acumatica ERP

Acumatica ERP delivers an adaptable cloud and mobile-based enterprise resource planning solution with a user licensing model which enables a real-time view of business operations at any time from anywhere. Through a worldwide network... Read More
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Multiview

For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read More
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FinancialForce Financial Management

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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Freshbooks

Freshbooks is a web-based accounting solution that caters to small businesses. Freshbooks serves various industries, such as marketing, legal services and business consulting, trades and home services and information technology (IT). Key... Read More
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Oracle JD Edwards

JD Edwards Financial Management is the accounting component of Oracle's JD Edwards EnterpriseOne (JDE e1) product line. This component can serve businesses of any size. The system is horizontal; it is designed to serve the needs of... Read More
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Microsoft Dynamics AX

Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
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SAP Business One

SAP Business One is an integrated enterprise resource planning (ERP) software suite designed primarily to serve small to midsize businesses. SAP Business One is used to address the needs of many industry verticals including manufacturing,... Read More
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Cougar Mountain DENALI

Cougar Mountain Software offers a business accounting software for manufacturing, nonprofits and public services organizations. Their flagship product Denali is a core accounting solution with applications for general ledger, accounts... Read More
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UNIT4 Financials

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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Abila MIP Fund Accounting

Abila MIP Fund Accounting from ProSoft Solutions is a finance management and fund accounting solution designed to serve nonprofits and government agencies. The solution can be deployed on-premise, in the cloud or be self-hosted. Abila... Read More
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Flexi Software

Flexi Software is a financial accounting and process-driven workflow software solution for the banking, insurance, financial services, healthcare, and other service industries. The accounting solution is fully integrated, providing... Read More
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AccuFund Accounting Suite

AccuFund is an online accounting and financial reporting solution designed specifically for the nonprofit industry. Integrated into one, AccuFund's Accounting suite helps nonprofit organizations and government agencies report funding... Read More
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Microsoft Dynamics GP

Microsoft Dynamics GP is a financial accounting system designed to meet the requirements of small to midsize businesses. Microsoft Dynamics GP was originally developed by North Dakota-based Great Plains Software and was acquired by... Read More
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Sage Fixed Assets

Sage Fixed Assets offers integrated accounting features and multiple methods to track asset depreciation (straight line, ACRS, modified straight line, declining balance, even user-defined.) It integrates with other general ledger systems. The functionality... Read More
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Activity HD

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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Exact Globe Next

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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Xledger

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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Fusebill

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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Infor SunSystems

Infor SunSystems is an integrated financial management, purchasing, inventory and sales management solution. It is used by more than than 9,000 customers in over 190 countries worldwide. Offered in multiple languages and currencies,... Read More
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SBS Financials

SBS Financials is cloud-based software designed for multi-entity accounting. The system is flexible and adapts to an organization’s existing workflows. SBS Payroll/HR and SBS Procurement can be added to create an integrated financial... Read More
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EBizCharge

EBizCharge offers a full suite of payment processing, billing and invoicing solutions. It includes payment integrations to accounting/enterprise resource planning/customer relationship management and e-commerce platforms, mobile solutions,... Read More
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SAP Anywhere

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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Sage X3

Sage X3 is an enterprise business management software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and business intelligence. Sage X3 is... Read More
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SAP Business ByDesign

SAP Business ByDesign is a software as a service (SaaS) enterprise resource planning (ERP) system. The software is designed to serve all the key needs of a business and offers applications for customer relationship management (CRM),... Read More
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Epicor Financial Management

Epicor Financial Management has the scalability to automate and streamline the financial processes of any medical clinic or hospital, regardless of size. This allows medical providers to focus on patients and less on management.
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Financial Suite by IntelliTek

Financial Suite by IntelliTek is the financial component of IntelliTek Systems’ broader ERP offering. Financial Suite by IntelliTek is an ideal accounting systems for small and mid-market companies. The platform is comprises of Accounts... Read More
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Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200)

Sage 100 ERP (formerly branded as Sage ERP MAS 90 and 200) is an enterprise resource planning (ERP) software system for small and midsize businesses. The solution is typically recommended to companies with annual revenue between one... Read More
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Sage 300 ERP (formerly Sage ERP Accpac)

Sage 300 ERP (formerly Sage ERP Accpac) is an enterprise resource planning (ERP) software system that serves small and medium-size businesses in professional services, financial services, public sector, and other markets such as distribution... Read More
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SAP Business All-in-One

SAP Business All-in-One is an integrated enterprise resource planning solution for midsize and large companies, serving clients across the North America. The solution offers construction accounting, customer management, and service... Read More
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CenterPoint Accounting Software

CenterPoint Accounting Software, designed primarily for service-providing companies, is a customizable financial management solution that performs core accounting, reporting, tax, and other functions. CenterPoint has a customizable... Read More
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TurningPoint for Accounting

TurningPoint Accounting is a solution best suited for companies who outgrow QuickBooks and other systems meant for smaller businesses, but aren’t yet ready for a more sophisticated system. This solution is designed primarily to... Read More
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SAP ERP Core Finance

Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management.  Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business... Read More
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FastFund Nonprofit Fund Accounting

FastFund Nonprofit Fundraising performs fund accounting operations for nonprofit organizations. The system’s modules include fund accounting, accounts payable and receivable, cost allocations, payroll and fundraising donor management. FastFund... Read More
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Sage 50 Accounting (Formerly Peachtree)

Sage Peachtree keeps track of patients and lets users know when a patient is past due on payments. It can also integrate with Sage's other healthcare offerings, Intergy EHR and MedWare, for a total practice management solution.
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Serenic Navigator

Built on the secure Microsoft Dynamics NAV platform, Serenic's fully integrated suite of financial products are specially designed for human and social service organizations, among others.
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Royal 4 Enterprise

Royal 4 Enterprise is a complete ERP solution with specialization across multiple verticals. Medical professionals can manage every area of their business. The system is flexible and can be deployed on-premise or in the cloud.
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GCE Financial Accounting Service

Built to handle mid-sized to large companies, the GCE Financial Accounting Solution has features to maintain a database of credit cards, payment management, financial statements and supports multiple languages and currencies.
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GMS Accounting and Financial Management/Reporting System

Created specifically for non-profit and public organizations, Grant Management Systems (GMS) Non-Profit Accounting and Financial Management software meets industry requirements to account for grants, contracts and activities. With... Read More
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NolaPro

NolaPro by Noguska LLC is a fully-featured and completely customizable Accounting solution, featuring Order Tracking, Inventory POS, and more. Established in 1973, Noguska Inc. provides tailor-made accounting functionality, and has... Read More
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OASIS

OASIS is a customizable ERP system for small to midsize companies. This system is customized to the company’s precise specifications and is used primarily in the retail, manufacturing, and professional services verticals. OASIS’... Read More
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Multiledger

First introduced in 1986, MultiLedger by CheckMark Inc provides a fully integrated, comprehensive suite of accounting software for small to mid-size businesses. It merges billing & invoicing, inventory management, job tracking, expense... Read More
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Prophix

Prophix is a multi-user financial software application, used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet type interface familiarity along with additional... Read More
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Accounting Xpert

Accounting Xpert is an on-premise accounting solution that serves businesses of all sizes. Primary features of the software include a general ledger, accounts receivables and payables, payroll, W2 and 1099 laser processing, bank reconciliation... Read More
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TrackerSuite.Net

TrackerSuite.Net created by Automation Centre provides integrated accounting and expense tracking tool. Users can manage projects, programs, resources, schedules, status reports, budgets and documents in a centralized repository. Companies... Read More
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AccountEdge

AccountEdge is a small-business desktop accounting and management solution compatible with both Mac and Windows systems. This solution helps users create and track sales and purchases, run payroll, track and build inventory, bill for... Read More
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Rerun

Rerun is a standalone billing and invoicing solution designed for small to midsize businesses in the United States and Canada. With Rerun, users can customize payment streams and set up recurring billing, track account activity and... Read More
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MineralTree

MineralTree is a cloud-based payment automation and invoicing system that is an ideal fit for small and midsize businesses. By integrating with NetSuite, Intacct, Microsoft Dynamics GP and QuickBooks, MineralTree allows users to maintain... Read More
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Buyer's Guide

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?