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NetSuite is a cloud-based business management suite that incorporates ERP, financial management, CRM, and eCommerce functionalities into a unified platform, helping organizations automate core processes and gain real-time visibility into operational and fi...Read more about NetSuite
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Sage Intacct operates within the Sage Business Cloud portfolio as a comprehensive cloud-based financial management software, expertly designed to bring rich financial and operational insights to a variety of businesses. Recognized for its robust accounting...Read more about Sage Intacct
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Striven is a cloud-based enterprise resource planning (ERP) solution suitable for many industries and organizations of all sizes. It offers features for accounting, inventory management, human resources, customer relationship management (CRM), project mana...Read more about Striven
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Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses and helps them manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry. It caters to corporates, ...Read more about Xledger
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AccuFund is 100% focused on serving nonprofits and government entities. The complete fund accounting financial management solution, available online or onsite, consists of a strong core system and modules that allow you to expand as your needs evolve. Acc...Read more about AccuFund Accounting Suite
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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 automotive, engineering, construction, mining, research and development, retail, who...Read more about SAP S/4HANA Cloud
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Flexi’s accounting software for business is ideal for companies seeking an enterprise-strength platform, but with the flexibility and personalized support rarely offered by enterprise vendors. Flexi’s solutions have been battle-tested for over 30 years, ...Read more about Flexi Software
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JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manufacturing sectors. The system prov...Read more about JD Edwards EnterpriseOne
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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 relationship management to inventory and human resources, it records and stores...Read more about Focus X
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Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large enterprises across North Ame...Read more about Multiview ERP
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Cougar Mountain Software’s Denali Business is an accounting solution with the ability to customize 10 integrated modules. It is for small to midsize businesses and can be deployed on premises or in the cloud. Key features include individual user rights, in...Read more about Denali Business
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Patriot Accounting offers accounting software for American businesses and accountants. Patriot Accounting is affordable and easy to use for the non-accountant, but has powerful capabilities for accountants. Patriot Accounting includes the ability to trac...Read more about Patriot Accounting
QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With QB Enterprise solution, any business owner can expand business operations us...Read more about QuickBooks Enterprise
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 global accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Sn...Read more about FloQast
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 dashboard, which enables users to gain insights into business trends and organiz...Read more about QuickBooks Online Advanced
ActivityHD, developed by AccountingWare, is a fully integrated accounting system designed to provide flexibility and improve decision-making. Businesses can use ActivityHD to efficiently manage complex systems within a centralized software. ActivityHD prov...Read more about ActivityHD
TopNotepad is a cloud-based accounting management solution that offers invoicing, expense management, payment management and customer relationship management. Users can create invoices with built-in templates and log payments using client lists. Users...Read more about TopNotepad
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 tailored to streamline complex financial tasks and provide valuable insights to...Read more about ZipBooks
Prophix is a financial management solution used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet-style interface that helps users to analyze financial data and organize information. Pr...Read more about Prophix
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 a fully integrated financial management system...Read more about SBS Financials
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 and inventor...Read more about Accounting Xpert
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, client management and report creation. InvoiceBerry enables users to creat...Read more about InvoiceBerry
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, audit, digital VAT returns, and cash flow. It is suitable for small to medi...Read more about AccountsIQ
Clear Books is a cloud-based accounting solution for small businesses. It enables users to track key financial numbers through a dashboard. The solution can send automatic payment reminders and supports multiple currencies to create customizable invoices. ...Read more about Clear Books
NextProcess is an accounts payable solution used for automating organizations’ payment structures. It is suited for companies of any size, across a variety of industries. NextProcess helps eliminate duplicate payments that can occur when companies mai...Read more about NextProcess
This detailed guide will help you find and buy the right medical accounting software for you and your business.
Last Updated on January 27, 2025Medical 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:
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.
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. |
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.
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?