--- title: "Best Medical Accounting Software - 2026 Reviews & Pricing" description: "Find the best Medical Accounting Software for your organization. Compare top Medical Accounting Software systems with customer reviews, pricing, and free demos." source_url: "https://www.softwareadvice.com/accounting/healthcare-social-services-software-comparison/" page_type: "subcategory" language: "en" --- [Home](https://www.softwareadvice.com/) / Medical Accounting Software Software Advice offers objective insights based on verified user reviews and independent product and market research. When our advisors match you to a software provider, we may earn a referral fee. # Best Medical Accounting Software of 2026 Updated October 27, 2026 On this page 1. Popular Comparisons 2. Buyers Guide 3. Related Software Filter products 78 results ### Compare Products Showing 1 - 25 of 78 products #### Company Size - Self-Employed - 2-10 - 11-50 - 51-200 - 201-500 - 501-1000 - 1000+ #### Pricing Options - $$$$$ - $$$$$ - $$$$$ - $$$$$ - $$$$$ ### Compare Products Sort by **Recommendations**: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals. **Reviews**: Sorts listings by the number of user reviews we have published, greatest to least. **Average Rating**: Sorts listings by overall star rating based on user reviews, highest to lowest. **Alphabetically (A-Z)**: Sorts listings by product name from A to Z. ### [Xledger](/accounting/xledger-profile/) - Overall rating: 4.5/5 - Reviews: 29 - Starting price: $750.00/month - Free trial: Not available - Free demo: Not available #### Overview Xledger, True Cloud Finance Software Built For Modern, Multi-entity Organisations Xledger is a true-cloud finance management platform built for organisations needing more than [Read more](/accounting/xledger-profile/) #### Features ##### Best rated features - Access Controls/Permissions: 5/5 - Audit Trail: 5/5 - Multi-Location: 5/5 - General Ledger: 4.9/5 [See all features](/accounting/xledger-profile/#key-features) --- ### [Sage Intacct](/accounting/intacct-accounting-profile/) - Overall rating: 4.3/5 - Reviews: 718 - Best for: Mid-size businesses - Free trial: Not available - Free demo: Not available #### Overview 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 [Read more](/accounting/intacct-accounting-profile/) ##### What users love - User-friendly and intuitive interface - Comprehensive accounting functionality - Robust, customizable reporting capabilities ##### To take in mind - Complex and inflexible report customization - Slow and unresponsive support experience - Expensive and rising costs #### Features ##### Best rated features - Quotes/Estimates: 5/5 - For Nonprofits: 5/5 - Vendor Management: 5/5 - Customer Statements: 5/5 [See all features](/accounting/intacct-accounting-profile/#key-features) --- ### [NetSuite](/accounting/netsuite-financials-accounting-software-profile/) - Overall rating: 4.2/5 - Reviews: 2,082 - Best for: Enterprise businesses - Free trial: Not available - Free demo: Not available #### Overview NetSuite is an AI-powered cloud-based business management suite that incorporates ERP, financial management, CRM and eCommerce functionalities into a unified platform, helping [Read more](/accounting/netsuite-financials-accounting-software-profile/) ##### What users love - Deep system tailoring options - Comprehensive and scalable functionality - Centralized financial operations platform ##### To take in mind - Steep learning curve and complexity - Complex and rigid reporting tools - Slow and inconsistent support experience #### Features ##### Best rated features - Aging Tracking: 5/5 - "What If" Scenarios: 5/5 - Vendor Master Data Management: 5/5 - For B2B: 5/5 [See all features](/accounting/netsuite-financials-accounting-software-profile/#key-features) --- ### [Striven](/project-management/striven-profile/) - Overall rating: 4.8/5 - Reviews: 130 - Starting price: $35.00/month - Best for: Small businesses - Free trial: Available - Free demo: Not available #### Overview Striven is a cloud-based, all-in-one business management ERP platform built for small and midsize companies tired of duct-taping popular accounting tools, a CRM, a project tool, [Read more](/project-management/striven-profile/) #### Features ##### Best rated features - Routing: 5/5 - Document Storage: 5/5 - Milestone Tracking: 5/5 - Percent-Complete Tracking: 5/5 ##### Worst rated features - API: 1/5 [See all features](/project-management/striven-profile/#key-features) #### Pricing ##### Standard - Price: $35.00/month - The plan is based on the number of users. ##### Enterprise - Price: $70.00/month - The per-user price decreases as the number of users increases. [See full pricing details](/project-management/striven-profile/#pricing-and-plans) --- ### [MIP Accounting](/product/121198-MIP-Accounting/) - Overall rating: 4.1/5 - Reviews: 69 - Starting price: $0.01 - Free trial: Not available - Free demo: Not available #### Overview MIP is the leading accounting software designed for mission-driven organizations, including nonprofits, schools, healthcare, associations, and government entities. It provides [Read more](/product/121198-MIP-Accounting/) #### Features ##### Best rated features - General Ledger: 5/5 - Income & Balance Sheet: 5/5 - API: 5/5 - Accounts Payable: 5/5 ##### Worst rated features - Payroll Management: 1/5 - Grant Management: 1/5 [See all features](/product/121198-MIP-Accounting/#key-features) --- ### [Versa Cloud ERP](/accounting/versaccounts-profile/) - Overall rating: 4.8/5 - Reviews: 23 - Starting price: $0.00/month - Free trial: Not available - Free demo: Not available #### Overview Versa is Modern all-in-one Cloud ERP software created for fast growing inventory heavy manufacturing, distribution, and e-commerce businesses moving to the next level. Versa [Read more](/accounting/versaccounts-profile/) #### Features ##### Best rated features - Reporting/Analytics: 5/5 - Search/Filter: 5/5 - Inventory Control: 5/5 - Inventory Management: 5/5 [See all features](/accounting/versaccounts-profile/#key-features) --- ### [SAP S/4HANA Cloud](/accounting/sap-s-4hana-cloud-profile/) - Overall rating: 4.3/5 - Reviews: 358 - Best for: Features - Free trial: Available - Free demo: Not available #### Overview SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as [Read more](/accounting/sap-s-4hana-cloud-profile/) ##### What users love - Robust real-time data handling - Versatile business system connectivity - Comprehensive financial process automation ##### To take in mind - Challenging and unintuitive interface - Steep learning and onboarding demands - Occasional lag and slow response #### Features ##### Best rated features - Dashboard: 5/5 - Enterprise Asset Management: 5/5 - Portfolio Management: 5/5 - Integrated Business Operations: 5/5 ##### Worst rated features - BOM Creation: 2.3/5 - Distribution Management: 4/5 - Cost Tracking: 4/5 - Collaboration Tools: 4/5 [See all features](/accounting/sap-s-4hana-cloud-profile/#key-features) #### Pricing ##### Plan - Price: Custom - Pricing available upon request - Pricing not available [See full pricing details](/accounting/sap-s-4hana-cloud-profile/#pricing-and-plans) --- ### [Dynamics 365](/product/106335-Dynamics-365/) - Overall rating: 4.4/5 - Reviews: 5,864 - Starting price: $50.00/month - Best for: Small businesses - Free trial: Available - Free demo: Available #### Overview Microsoft Dynamics 365 is a cloud-based CRM ecosystem for small, medium and enterprise organizations, with a focus on Sales, Field Service, Customer Service complete with strong [Read more](/product/106335-Dynamics-365/) ##### What users love - User-friendly and intuitive interface - Deep Microsoft ecosystem integration - Centralized workforce and operations control ##### To take in mind - Expensive licensing and add-ons - Limited and complex customization options - Steep learning and onboarding process #### Features ##### Best rated features - Commission Management: 5/5 - Financial Analysis: 5/5 - Monitoring: 5/5 - For Real Estate: 5/5 ##### Worst rated features - Lead Scoring: 3.5/5 - Sales Trend Analysis: 3.8/5 - Prospecting Tools: 3.9/5 - API: 3.9/5 [See all features](/product/106335-Dynamics-365/#key-features) #### Pricing ##### Professional - Price: $50.00/month ##### Enterprise - Price: $105.00/month ##### Premium - Price: $195.00/month [See full pricing details](/product/106335-Dynamics-365/#pricing-and-plans) --- ### [Focus X](/product/3600-focus/) - Overall rating: 3.8/5 - Reviews: 119 - Starting price: $60.00/month - Free trial: Not available - Free demo: Not available #### Overview Focus X is an all-inclusive enterprise resource planning (ERP) system that helps you connect every aspect of your business operations. From production to supply chain, customer [Read more](/product/3600-focus/) ##### What users love - Robust and flexible reporting tools - Flexible system adaptation options ##### To take in mind - Slow and unreliable support response #### Features ##### Best rated features - Project Accounting: 5/5 - Online Payments: 5/5 - Scheduling: 5/5 - Mobile App: 5/5 ##### Worst rated features - Fraud Detection: 1/5 [See all features](/product/3600-focus/#key-features) --- ### [Sage Accounting](/accounting/sage-business-cloud-accounting-profile/) - Overall rating: 4.1/5 - Reviews: 653 - Starting price: $20.00/month - Best for: On the rise - Free trial: Available - Free demo: Not available #### Overview Sage Accounting is a cloud-based accounting and invoice management solution for small to midsize businesses. It offers accounting, project accounting, expense management and [Read more](/accounting/sage-business-cloud-accounting-profile/) ##### What users love - Streamlined daily financial management - User-friendly and intuitive interface - Accessible cloud-based accounting platform ##### To take in mind - Inconsistent and hard-to-reach support - Limited and inflexible invoicing tools - Restrictive and unintuitive reporting features #### Features ##### Best rated features - Time Tracking: 5/5 - Document Management: 5/5 - For Accountants: 5/5 - Duplicate Payment Alert: 5/5 [See all features](/accounting/sage-business-cloud-accounting-profile/#key-features) #### Pricing ##### Accounting Start - Price: $20.00/month - The Sage Accounting Start plan comes with an 30-day free trial and is ideal for micro-businesses. ##### Accounting Standard - Price: $40.00/month ##### Accounting Plus - Price: $50.00/month [See full pricing details](/accounting/sage-business-cloud-accounting-profile/#pricing-and-plans) --- ### [QuickBooks Enterprise](/construction/qb-desktop-enterprise-profile/) - Overall rating: 4.5/5 - Reviews: 20,690 - Starting price: $2,210.00/year - Best for: Value for money - Free trial: Available - Free demo: Available #### Overview QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With [Read more](/construction/qb-desktop-enterprise-profile/) ##### What users love - Flexible setup and onboarding support - Comprehensive accounting functionality - Detailed and customizable reporting tools ##### To take in mind - Inconsistent and slow customer service - Bank syncing and reconciliation issues - Expensive subscription and add-ons #### Features ##### Best rated features - Distribution Management: 5/5 - Due Date Tracking: 5/5 - For Residential: 5/5 - Supply Chain Management: 5/5 ##### Worst rated features - BIM Modeling: 2/5 - SKU/UPC Codes: 3.3/5 [See all features](/construction/qb-desktop-enterprise-profile/#key-features) #### Pricing ##### Gold - Price: $2,210.00/year - Up to 30 users. ##### Platinum - Price: $2,717.00/year - Up to 30 users. ##### Diamond - Price: $5,264.00/year - Up to 40 users. [See full pricing details](/construction/qb-desktop-enterprise-profile/#pricing-and-plans) --- ### [FloQast](/accounting/floqast-profile/) - Overall rating: 4.9/5 - Reviews: 106 - Starting price: $999.00/month - Best for: Ease of use - Free trial: Not available - Free demo: Not available #### Overview FloQast, an Accounting Automation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 2,800 [Read more](/accounting/floqast-profile/) #### Features ##### Best rated features - Multi-Company: 5/5 - Audit Management: 5/5 - Financial Consolidation & Close Management: 5/5 - Due Date Tracking: 5/5 ##### Worst rated features - Project Management: 4/5 [See all features](/accounting/floqast-profile/#key-features) --- ### [TopNotepad](/accounting/topnotepad-profile/) - Overall rating: 4.6/5 - Reviews: 106 - Starting price: $12.50/month - Best for: Customer support - Free trial: Available - Free demo: Not available #### Overview TopNotepad is a cloud-based accounting management solution that offers invoicing, expense management, payment management and customer relationship management. Users can create [Read more](/accounting/topnotepad-profile/) #### Features ##### Best rated features - For Small Businesses: 5/5 - Reminders: 5/5 - Purchasing & Receiving: 5/5 - Vendor Management: 5/5 ##### Worst rated features - Contact Database: 4/5 - Dunning Management: 4/5 [See all features](/accounting/topnotepad-profile/#key-features) #### Pricing ##### Basic - Price: $12.50/month [See full pricing details](/accounting/topnotepad-profile/#pricing-and-plans) --- ### [ActivityHD](/hr/activityhd-payroll-profile/) - Overall rating: 4.8/5 - Reviews: 54 - Free trial: Not available - Free demo: Not available #### Overview ActivityHD is a fully integrated accounting system designed to provide flexibility and improve decision making. Businesses can use ActivityHD to manage complex processes within [Read more](/hr/activityhd-payroll-profile/) #### Features ##### Best rated features - Accounts Receivable: 5/5 - Financial Management: 5/5 - Financial Reporting: 5/5 - Expense Tracking: 5/5 [See all features](/hr/activityhd-payroll-profile/#key-features) --- ### [Prophix One](/accounting/prophix-profile/) - Overall rating: 4.6/5 - Reviews: 127 - Starting price: $1.00 - Best for: Ease of use - Free trial: Available - Free demo: Not available #### Overview Prophix is a financial management solution used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet-style [Read more](/accounting/prophix-profile/) #### Features ##### Best rated features - Goal Setting/Tracking: 5/5 - Financial Management: 5/5 - Modeling & Simulation: 5/5 - Multi-Department/Project: 5/5 ##### Worst rated features - OLAP: 1/5 - Dashboard: 2/5 - Third-Party Integration: 3/5 [See all features](/accounting/prophix-profile/#key-features) #### Pricing ##### Basic - Price: $1.00 [See full pricing details](/accounting/prophix-profile/#pricing-and-plans) --- ### [Daxko Operations](/membership-management/daxko-operations-profile/) - Overall rating: 4.5/5 - Reviews: 182 - Best for: Value for money - Free trial: Not available - Free demo: Not available #### Overview Daxko Operations is the leading operations platform purpose-built for membership-based nonprofit organizations. Trusted by thousands of YMCAs, JCCs, Boys & Girls Clubs, and [Read more](/membership-management/daxko-operations-profile/) #### Features ##### Best rated features - For Nonprofits: 5/5 - Accounting: 5/5 - CRM: 5/5 - Member Accounts: 5/5 ##### Worst rated features - Reporting & Statistics: 3.8/5 - Calendar Management: 4/5 - Scheduling: 4/5 [See all features](/membership-management/daxko-operations-profile/#key-features) --- ### [ZipBooks](/accounting/zipbooks-profile/) - Overall rating: 4.5/5 - Reviews: 115 - Starting price: $0.00 - Best for: Value for money - Free trial: Available - Free demo: Not available #### Overview ZipBooks is a cloud-based solution designed to streamline accounting, invoicing and financial management processes for small businesses. The platform offers a range of features [Read more](/accounting/zipbooks-profile/) #### Features ##### Best rated features - Accounts Payable: 5/5 - Accounts Receivable: 5/5 - Purchase Order Management: 5/5 - Inventory Management: 5/5 ##### Worst rated features - Reporting & Statistics: 3.5/5 - Financial Reporting: 3.9/5 - Reporting/Analytics: 4/5 [See all features](/accounting/zipbooks-profile/#key-features) #### Pricing ##### Starter - Price: $0.00 ##### Smarter - Price: $15.00/month ##### Sophisticated - Price: $35.00/month [See full pricing details](/accounting/zipbooks-profile/#pricing-and-plans) --- ### [QuickBooks Online Advanced](/product/49805-QuickBooks-Online/) - Overall rating: 4.4/5 - Reviews: 1,053 - Starting price: $235.00/month - Best for: Popular - Free trial: Available - Free demo: Not available #### Overview QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized [Read more](/product/49805-QuickBooks-Online/) ##### What users love - Intuitive interface and accessibility - Customizable and detailed reporting - Automated and collaborative accounting ##### To take in mind - Slow and inconsistent support experience - Steep learning curve for beginners - Unreliable bank connection issues #### Features ##### Best rated features - Customizable Dashboard: 5/5 - Job Management: 5/5 - ACH Payment Processing: 5/5 - Revenue Management: 5/5 [See all features](/product/49805-QuickBooks-Online/#key-features) #### Pricing ##### Advanced - Price: $235.00/month - Up to 25 users. [See full pricing details](/product/49805-QuickBooks-Online/#pricing-and-plans) --- ### [Accounting Xpert Enterprise Edition](/accounting/xpert-profile/) - Overall rating: 4.7/5 - Reviews: 39 - Starting price: $1,595.00one time - Free trial: Available - Free demo: Not available #### Overview 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 [Read more](/accounting/xpert-profile/) #### Features ##### Best rated features - Expense Tracking: 5/5 - Bank Reconciliation: 5/5 - Check Printing: 5/5 - Accounts Payable: 5/5 ##### Worst rated features - Direct Deposit: 4/5 - Payroll Reporting: 4/5 [See all features](/accounting/xpert-profile/#key-features) #### Pricing ##### Basic - Price: $1,595.00one time [See full pricing details](/accounting/xpert-profile/#pricing-and-plans) --- ### [SBS Financials](/accounting/sbsfinancials-profile/) - Overall rating: 4.5/5 - Reviews: 55 - Starting price: $995.00/month - Free trial: Not available - Free demo: Not available #### Overview 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 [Read more](/accounting/sbsfinancials-profile/) #### Features ##### Best rated features - Accounts Payable: 5/5 - Project Costing: 5/5 - Fixed Asset Management: 5/5 - Financial Reporting: 5/5 ##### Worst rated features - Inventory Management: 4/5 - General Ledger: 4/5 - Tax Management: 4/5 [See all features](/accounting/sbsfinancials-profile/#key-features) --- ### [FastFund Software Suite](/accounting/fastfund-nonprofit-profile/) - Overall rating: 4.5/5 - Reviews: 69 - Starting price: $42.00/month - Free trial: Available - Free demo: Not available #### Overview FastFund Online is the only cloud-based solution that provides a single source solutions for all your fiscal management needs, with nonprofit fund accounting, fund raising donor [Read more](/accounting/fastfund-nonprofit-profile/) #### Features ##### Best rated features - Expense Tracking: 4/5 - Financial Reporting: 4/5 - Accounting: 4/5 - General Ledger: 4/5 [See all features](/accounting/fastfund-nonprofit-profile/#key-features) #### Pricing ##### FastFund Accounting (Standard) - Price: $42.00/month - FastFund Accounting (Standard) Plan is intended for accounting professionals and includes cash ##### FastFund Accounting (Premium) - Price: $94.00/month - FastFund Accounting (Premium) Plan is intended for accounting professionals. It provides all ##### FastFund Fundraising (Standard) - Price: $42.00/month - FastFund Fundraising (Standard) Plan is intended for fundraising professionals and includes members [See full pricing details](/accounting/fastfund-nonprofit-profile/#pricing-and-plans) --- ### [InvoiceBerry](/accounting/invoiceberry-profile/) - Overall rating: 4.9/5 - Reviews: 13 - Starting price: $15.00/month - Free trial: Available - Free demo: Not available #### Overview InvoiceBerry is a cloud-based accounting solution designed for small businesses in a variety of industries. Key features include invoice creation, expense and payment tracking, [Read more](/accounting/invoiceberry-profile/) #### Pricing ##### Basic - Price: $15.00/month [See full pricing details](/accounting/invoiceberry-profile/#pricing-and-plans) --- ### [AccountsIQ](/accounting/accountsiq-profile/) - Overall rating: 4.6/5 - Reviews: 44 - Starting price: £250.00/month - Free trial: Not available - Free demo: Available #### Overview AccountsIQ is a cloud accounting software that simplifies the capture, process, and reporting of financial data. It offers intuitive tools to automate consolidation, manage budget, [Read more](/accounting/accountsiq-profile/) #### Features ##### Best rated features - Compliance Management: 5/5 - Invoice Management: 5/5 - Audit Trail: 5/5 - Profit/Loss Statement: 5/5 [See all features](/accounting/accountsiq-profile/#key-features) #### Pricing ##### Core - Price: £250.00/month - Ideal for growing organisations looking to modernise core finance processes. Includes general ##### Growth - Price: £600.00/month - Designed for expanding organisations managing increased complexity. Builds on Core with enhanced ##### Scale - Price: £1,100.00 - Built for multi-entity and high-growth organisations. Supports higher transaction volumes, expanded [See full pricing details](/accounting/accountsiq-profile/#pricing-and-plans) --- ### [Momenteo](/accounting/momenteo-profile/) - Overall rating: 4.6/5 - Reviews: 36 - Starting price: CA$5.95 - Free trial: Available - Free demo: Not available #### Overview Momenteo is a cloud-based accounting solution designed for freelancers in a variety of industries. Key features include invoice and estimate creation, expense and time tracking, [Read more](/accounting/momenteo-profile/) #### Features ##### Best rated features - Financial Reporting: 5/5 - Expense Tracking: 4.7/5 - Billing & Invoicing: 4.7/5 - Quotes/Estimates: 4.6/5 ##### Worst rated features - Invoice History: 3.5/5 - Tax Management: 3.8/5 - Budgeting/Forecasting: 4/5 - Template Management: 4/5 [See all features](/accounting/momenteo-profile/#key-features) #### Pricing ##### Basic - Price: CA$5.95 [See full pricing details](/accounting/momenteo-profile/#pricing-and-plans) --- ### [Pandle](/accounting/pandle-profile/) - Overall rating: 4.6/5 - Reviews: 20 - Starting price: £6.64/month - Free trial: Available - Free demo: Not available #### Overview Pandle is a cloud-based accounting solution for small businesses across the UK. The platform helps streamline accounting activities including invoicing, quotations, receipt [Read more](/accounting/pandle-profile/) #### Features ##### Best rated features - Expense Tracking: 4/5 - Bank Reconciliation: 4/5 - Financial Reporting: 3/5 - Billing & Invoicing: 2/5 [See all features](/accounting/pandle-profile/#key-features) #### Pricing ##### Basic - Price: £6.64/month [See full pricing details](/accounting/pandle-profile/#pricing-and-plans) --- 1 [2](https://www.softwareadvice.com/accounting/healthcare-social-services-software-comparison/?__ai_markdown=true&page=2)[3](https://www.softwareadvice.com/accounting/healthcare-social-services-software-comparison/?__ai_markdown=true&page=3)[4](https://www.softwareadvice.com/accounting/healthcare-social-services-software-comparison/?__ai_markdown=true&page=4) ## Popular Comparisons [ QuickBooks Online vs QuickBooks Enterprise ](https://www.softwareadvice.com/compare/49801-qb-desktop-enterprise/vs/393202-QuickBooks-Online/)[ NetSuite vs Dynamics 365 ](https://www.softwareadvice.com/compare/25483-netsuite-financials-accounting-software/vs/106335-Dynamics-365/)[ Sage Accounting vs Sage Intacct ](https://www.softwareadvice.com/accounting/intacct-accounting-profile/vs/sage-business-cloud-accounting/)[ Wave vs Zoho Books ](https://www.softwareadvice.com/compare/18767-Wave-Apps/vs/392386-zoho-books/)[ QuickBooks Online Advanced vs Sage 300 ](https://www.softwareadvice.com/compare/49805-QuickBooks-Online/vs/219721-sage-300cloud/) ## Send me a copy of this list to my inbox ### Get a copy of this list with pricing info sent to your inbox so you can pick up where you left off when convenient to you. 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?](#Whatismedicalaccountingsoftware) - [What are common features of medical accounting software?](#Whatarecommonfeaturesofmedicalaccountingsoftware) - [What type of buyer are you?](#Whattypeofbuyerareyou) - [What should you consider while evaluating healthcare and social services accounting software?](#Whatshouldyouconsiderwhileevaluatinghealthcareandsocialservicesaccountingsoftware) ## 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. - **Accounts receivable (AR):** Commonly called “assets,” AR refers to the money owed to the medical organization, but not yet paid, for services rendered. - **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. ## What are common features of medical accounting software? In addition to the core features listed above, look for the following healthcare-specific features: | Feature | Description | | --- | --- | | 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](https://www.softwareadvice.com/medical/practice-management-software-comparison/) for more information about these systems. Healthcare organizations may choose to supplement their existing [medical billing software](https://www.softwareadvice.com/medical/medical-billing-software-comparison/) 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. ## What should you consider while 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? ### Related Medical Accounting Software - [Auto Dealer Accounting Software](https://www.softwareadvice.com/accounting/auto-dealership-software-comparison/) - [Church Accounting Software](https://www.softwareadvice.com/category/3574-church-accounting/) - [Distribution Accounting Software](https://www.softwareadvice.com/category/196-distribution-accounting/) - [Engineering Accounting Software](https://www.softwareadvice.com/accounting/engineering-software-comparison/) - [Legal Accounting Software](https://www.softwareadvice.com/accounting/legal-software-comparison/) - [Real Estate Accounting Software](https://www.softwareadvice.com/accounting/real-estate-accounting-software-comparison/) - [School Accounting Software](https://www.softwareadvice.com/accounting/education-software-comparison/) - [Trucking Accounting Software](https://www.softwareadvice.com/accounting/transportation-software-comparison/)