22 Best Medical Accounting Software Reviewed for 2024
10 Best Medical Accounting Software Shortlist
Here's my pick of the 10 best software from the 22 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
As someone deeply involved in the healthcare industry, I understand that managing finances and communicating effectively with insurance companies can be a complex task. That's where medical accounting software steps in. In a single sentence, this software is a multi-functional platform that makes it easy to manage finances, create templates, conduct audit trials, perform claim scrubbing, and process credit card transactions.
One of the significant benefits is its ability to automate processes, thus freeing up valuable time that can be spent on patient care and other crucial tasks. The tool addresses the common pain points like confusion around claim processes, challenges in tracking payables and receivables, difficulty in credit card management, and inefficiency in audit trials. I have tested and selected the best options that will help you overcome these hurdles, and I'm confident that you'll find them valuable in your quest for efficient financial management in the healthcare sector.
What Is Medical Accounting Software?
Medical accounting software is a specialized tool used by healthcare professionals, medical practice managers, and financial administrators to manage the financial aspects of their operations. This software, be it cloud-based or on-premise, streamlines the entire process, handling both receivable and payable accounts while providing clear messaging to payers. These systems offer a wide range of features including invoicing, payroll, reporting, and revenue cycle management, aimed at simplifying complex financial tasks.
Healthcare institutions, clinics, hospitals, and individual practitioners utilize these solutions to ensure accurate financial records, maintain regulatory compliance, improve cash flow, and ultimately provide a more efficient and effective healthcare service. With the right medical accounting software, these entities can focus more on their primary goal - delivering quality patient care.
Best Medical Accounting Software Summary
| Tools | Price | |
|---|---|---|
| Xero | From $1.40/month | Website |
| Striven | From $35/user/month (min 5 users) | Website |
| Kareo | From $110/user/month | Website |
| CareCloud | Pricing upon request | Website |
| AdvancedMD | From $429/user/month, (billed annually). | Website |
| NetSuite | Pricing upon request | Website |
| Multiview Corporation | From $15/user/month. | Website |
| QuickBooks | From $35/month | Website |
| WRS Health | From $200/user/month (billed annually) | Website |
| Wave Accounting | From $16/month (billed annually) | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareBest Medical Accounting Software Reviews
Xero is an online accounting software designed for small to medium-sized businesses. With features like invoicing, bank reconciliation, and expense tracking, Xero offers a comprehensive solution for managing finances in the cloud, hence why it's best suited for those in need of cloud-based accounting.
Why I Picked Xero: I picked Xero due to its easy-to-use interface and a complete set of cloud-based accounting tools. The tool differentiates itself with a strong emphasis on real-time financial data access and collaboration. The ability to handle financial tasks from anywhere is why I find Xero to be the best for cloud-based accounting.
Standout features & integrations:
Xero's major features include invoicing, bank connections, project tracking, and expense claims. It integrates well with other business mobile apps such as Gusto for payroll, Hubdoc for document collection, and Stripe for payments, making it a comprehensive solution for small to medium-sized businesses.
Pros and cons
Pros:
- Numerous integrations with other business tools.
- User-friendly interface.
- Wide range of cloud-based accounting features.
Cons:
- Customer service response times could be improved.
- No built-in payroll service for all states in the U.S.
- Limited customization of reports.
Striven is a comprehensive cloud-based enterprise resource planning (ERP) solution designed to streamline various aspects of medical practice management. With a suite of features aimed at improving workflows, Striven becomes an ideal choice for any medical facility looking for efficient practice management.
Why I Picked Striven: I picked Striven because it presents a comprehensive solution to medical practice management. Its range of capabilities, from appointment scheduling to billing, makes it distinct from other tools. Its ability to centralize various aspects of practice management led me to deem it the best in this category.
Standout features & integrations:
Striven stands out with features that cover everything from project management, accounting, inventory, and customer relationship management. When it comes to integrations, Striven shines by offering connectivity with numerous third-party platforms, including QuickBooks, Outlook, and Google Drive.
Pros and cons
Pros:
- Scalable pricing model.
- Wide range of third-party integrations.
- Comprehensive set of features for practice management.
Cons:
- Some features may require additional setup.
- Customer support may not be available 24/7.
- The user interface can be complex for new users.
Kareo is a medical accounting tool engineered to consolidate various practice management tasks under one roof. Given its focus on creating a fluid, user-friendly experience, it stands as an optimal choice for healthcare establishments seeking streamlined practice management.
Why I Picked Kareo: I picked Kareo for its focus on simplifying administrative tasks in medical practices. Its features promote efficiency, resulting in a smoother practice management experience. This attribute sets Kareo apart from other tools and makes it an ideal candidate for practices wanting to streamline their operations.
Standout features & integrations:
Kareo offers an intuitive dashboard, detailed reporting, and seamless billing process that makes it easier for users to manage their practices. As for integrations, Kareo shines with its compatibility with numerous electronic health record (EHR) systems, patient portals, and practice management platforms, creating a unified healthcare experience.
Pros and cons
Pros:
- Broad range of integrations.
- Detailed reporting and analytics.
- Intuitive user interface.
Cons:
- Customer support could be improved.
- Some users may require training to fully utilize all features.
- Annual billing may not suit all practices.
CareCloud is a comprehensive medical accounting software that caters to the financial needs of healthcare institutions, delivering an integrated patient experience. By combining financial tasks with patient management, it ensures a smooth, consistent experience for patients, which is crucial for today's healthcare facilities.
Why I Picked CareCloud: I selected CareCloud for its ability to integrate financial management with other aspects of patient care. What makes it different is its emphasis on the patient experience, which often gets overlooked in medical accounting software. I determined that CareCloud is best for the integrated patient experience because of its well-designed interfaces and features that cater to patient communication and engagement, apart from handling the financial aspect.
Standout features & integrations:
Key features of CareCloud include revenue cycle management, medical billing services, electronic health records, and patient experience management. This platform integrates with various EHR systems, enhancing data consistency and reducing the need for manual data entry.
Pros and cons
Pros:
- Comprehensive medical billing services.
- Extensive EHR integration capabilities.
- Patient-centric design.
Cons:
- May require a learning curve for some functionalities.
- Annual billing cycle could be less flexible for some users.
- Higher starting price point.
AdvancedMD is a robust medical accounting software built to accommodate the nuanced needs of healthcare providers. It excels at providing comprehensive reporting features, thereby enabling effective financial decision-making in medical practices.
Why I Picked AdvancedMD: In the myriad of accounting tools, I found AdvancedMD intriguing due to its advanced reporting capabilities. Its ability to generate granular, in-depth financial reports sets it apart from its competitors. These features led me to conclude that it's the best for comprehensive reporting features, essential for medical practices seeking insights into their financial health.
Standout features & integrations:
AdvancedMD offers powerful analytics, claim management, and automatic billing solution capabilities. These features simplify financial management while providing valuable insights. In terms of integrations, it has partnerships with a wide variety of healthcare systems and software, including electronic medical records (EMR) and patient portals, which can streamline operations.
Pros and cons
Pros:
- Advanced claim management capabilities.
- Numerous integrations with healthcare software.
- Comprehensive reporting features.
Cons:
- Additional charges for integrated features.
- Steep learning curve for non-technical users.
- High cost may be prohibitive for small practices.
NetSuite is an all-encompassing business management software that serves a variety of sectors, including healthcare. Its integrated approach offers comprehensive management, spanning finance, patients, staff, and services. This holistic feature set makes it especially useful for healthcare providers seeking to manage multiple facets of their organization seamlessly.
Why I Picked NetSuite: I chose NetSuite because it provides a comprehensive suite of applications that can handle everything from finance and accounting to patient and human capital management. It is this all-encompassing nature that sets it apart from others. This comprehensive approach is why I deem it the best tool for holistic healthcare management.
Standout features & integrations:
NetSuite comes with a variety of features, including financial management, CRM, and human capital management. It also allows for integrations with a range of external tools and platforms, making it easier for healthcare organizations to streamline their operations. These include Salesforce for customer relationship management, Box for document management, and BambooHR for human resources.
Pros and cons
Pros:
- Wide-ranging functionalities that extend beyond accounting.
- Robust integration capabilities with external tools.
- Complete, integrated solution for managing all aspects of a healthcare organization.
Cons:
- Add-on modules come at an extra cost.
- The user interface can be complex for new users.
- It may be more expensive compared to other tools.
Multiview Corporation provides an enterprise-level financial software system designed specifically to meet the unique needs of hospitals and health systems. Its capabilities, such as budgeting, forecasting, and reporting, contribute to efficient financial management and make it particularly effective for larger health organizations.
Why I Picked Multiview Corporation: I chose Multiview Corporation due to its focus on providing robust financial management solutions specifically for hospitals and health systems. It stood out for me because of its industry-specific functions and the depth of its feature set. Given its capacity to handle complex financial operations, I believe Multiview Corporation to be the best tool for hospitals and health systems.
Standout features & integrations:
Multiview Corporation offers a comprehensive suite of features such as financial reporting, budgeting, asset management, and cost accounting. Additionally, it has a robust capability for integrations, supporting connections with multiple healthcare-specific platforms like EPIC, MEDITECH, and Cerner, thus further enhancing its overall utility.
Pros and cons
Pros:
- Strong support for healthcare-specific integrations.
- Comprehensive suite of financial management features.
- Designed specifically for hospitals and health systems.
Cons:
- Limited customization options available.
- Customer support could be improved.
- The interface might be overwhelming for first-time users.
QuickBooks is a comprehensive accounting software used by small to medium-sized businesses across various sectors, including healthcare. Its wide range of financial management features helps organizations keep their books balanced, taxes organized, and expenses tracked, making it the best tool for overall financial management.
Why I Picked QuickBooks: I selected QuickBooks for this list because it has consistently proven to be reliable and versatile in managing financial tasks, making it stand out. Its detailed financial tracking, robust reporting, and tax preparation features are the reasons why I believe it's best for overall financial management.
Standout features & integrations:
QuickBooks comes with features such as expense tracking, invoice creation, and reporting. It has robust payroll functionality, and its ability to prepare and file taxes is a major advantage. QuickBooks can integrate with a variety of tools including Square for payment processing, PayPal for transactions, and TSheets for time tracking.
Pros and cons
Pros:
- User-friendly interface.
- Compatibility with numerous third-party applications.
- Comprehensive financial management features including expense tracking, invoicing, and tax preparation.
Cons:
- Customer support may not always be responsive or helpful.
- Can be too complex for small healthcare practices with simpler needs.
- Some features may require an upgrade to a higher pricing tier.
WRS Health provides robust practice management and medical billing software specifically designed for medical specialties. It centralizes billing operations and integrates them seamlessly with electronic health records and practice management systems, which is why it is excellent for specialty medical practices.
Why I Picked WRS Health: I chose WRS Health for its commitment to providing a comprehensive financial solution for specialty practices. It stands out for its ability to cater to specific workflows of specialized disciplines, which makes it unique among many medical accounting systems. I believe it's best for specialty medical practices because it understands and caters to the distinct requirements of such operations, enabling these practices to improve financial management efficiency.
Standout features & integrations:
WRS Health boasts robust features, including revenue cycle management (RCM), patient billing, claims management, reimbursement, and detailed financial reporting. Additionally, its integration with Electronic Health Record (EHR) software ensures smooth data flow and minimizes manual data entry, enhancing accuracy and speed.
Pros and cons
Pros:
- Comprehensive reporting capabilities.
- Integrated EHR and practice management tools.
- Specialty-specific workflows.
Cons:
- Limited third-party integration options.
- Learning curve for some complex features.
- Higher starting price than some competitors.
Wave Accounting is a user-friendly healthcare accounting software with features tailored to the needs of small healthcare practices. By offering essential financial management tools in an easy-to-navigate package, it is an excellent fit for small practice accounting.
Why I Picked Wave Accounting: I picked Wave Accounting due to its simplicity and affordability. Among other options, Wave Accounting stands out for its commitment to user-friendliness, making it an excellent choice for smaller operations that don't have the resources to manage complex systems. I judged that it is the best for small practice accounting because it offers the essentials in a straightforward manner, perfect for small businesses to handle their financial management effectively.
Standout features & integrations:
Wave Accounting features include invoicing, expense tracking, and receipt scanning, designed to streamline your financial tasks. Though it doesn't offer many specialized healthcare integrations, it does support connections to popular payment processors like PayPal and Stripe, which may be sufficient for smaller practices.
Pros and cons
Pros:
- Invoicing and receipt scanning features.
- Free basic accounting tools.
- User-friendly interface.
- $20/month + $6 per employee/month for payroll services."
Cons:
- Less comprehensive than some competitors.
- Payroll services require an additional fee.
- Lack of specific healthcare integrations.
Other Noteworthy Medical Accounting Software
Below is a list of additional medical accounting software that I shortlisted, but did not make it to the top 12. Definitely worth checking them out.
- MedEvolve
For data-driven decision making
- Sage Intacct
For scalability and growth
- DrChrono
Good for integrating EHR, practice management and billing
- eClinicalWorks
Good for managing entire revenue cycles
- CollaborateMD
Good for hassle-free medical billing and practice management
- Xledger
Good for businesses seeking robust cloud-based financial management
- FreshBooks
Good for small practices requiring streamlined invoicing
- NueMD
Good for end-to-end medical billing services
- i3 Verticals Healthcare
Good for all-in-one payment processing solutions
- Cerner PowerChart Touch
Good for digitizing patient records and clinical data
- EZClaim
Good for simplified medical billing and scheduling
- eMDs
Good for comprehensive practice management and EHR capabilities
Other Popular Medical Software Lists
Here are some other popular software solutions for a modern medical practice.
Selection Criteria For Choosing Medical Accounting Software
In my quest to discover the best medical accounting software, I meticulously tested and evaluated more than two dozen tools. I sought to find out which types of medical billing software combine accounting tools for comprehensive practice management. My aim was to find a comprehensive, intuitive solution that delivers robust functionality while addressing the unique needs of the healthcare sector.
Core Functionality:
At its core, the ideal medical accounting software should allow users to:
- Track and manage financial transactions: This includes processing invoices, recording payments, and reconciling bank statements.
- Handle insurance and patient billing: The tool should efficiently deal with complex insurance claims, patient billing, and follow-ups.
- Generate insightful reports: It's crucial for these tools to provide clear, detailed financial reports to support strategic decision-making.
Key Features:
There are several features that I specifically sought out during my evaluations:
- Integration with EHR/EMR systems: This is vital for sharing patient data and ensuring seamless billing and record-keeping processes.
- Integration with medical billing codes: The tool facilitates pairing tasks with billable hours through the standard coding framework.
- Regulatory compliance: Tools must be compliant with healthcare-specific regulations, such as HIPAA-compliant, to ensure the privacy and security of patient data.
- Automated processes: Automation of routine tasks, like invoice generation or insurance claims submission, helps to increase efficiency and reduce human error.
- Customer support and training: Given the complex nature of these tools, having responsive customer support and thorough training resources is a must.
Usability:
When it comes to usability, a number of elements stood out as being particularly important for medical accounting software:
- Intuitive interface: Medical professionals may not be tech experts, so a user-friendly, clear interface is key.
- Easy setup and onboarding: Ideally, the software should be easy to install and set up, with a minimal learning curve.
- Role-based access: Given the sensitive nature of financial and medical data, the tool should allow for easy configuration of user permissions, so that staff can access only the information they need.
- Reliable customer support: Quick, helpful customer service is important, particularly if users run into technical issues or have questions about the software's functionality.
I suggest elevating your understanding of medical billing and coding by taking courses that complement medical accounting software for precise financial tracking.
Most Asked Questions Regarding Medical Accounting Software (FAQ's)
What are the benefits of using medical accounting software?
Medical accounting software offers several benefits, including:
- Efficiency: These tools automate routine tasks such as invoicing and insurance claim processing, saving time and reducing errors.
- Financial Reporting: They provide customizable financial reports, aiding in better decision-making based on accurate, up-to-date information.
- Integration: They integrate with other systems like Electronic Health Records (EHRs), ensuring consistent and shared data across platforms.
- Regulatory Compliance: They help ensure that your financial operations comply with industry regulations and standards.
- Improved Cash Flow: By streamlining the billing and claims process, they can speed up payments and improve cash flow.
Having a medical billing specialist involved in choosing your accounting software guarantees streamlined financial management.
How much do these tools typically cost?
The pricing for medical accounting software can vary greatly depending on the complexity of the tool, the size of your practice, and the specific features you require. Generally, the pricing model is either per user/month or a flat monthly fee.
What are the pricing models for medical accounting software?
Most medical accounting software providers follow a subscription-based pricing model, where you pay a regular fee to use the service. This can be billed monthly or annually. The cost may depend on the number of users, the number of patients, or the volume of transactions. Some providers may also charge an initial setup fee.
What is the typical range of pricing for medical accounting software?
The pricing for these tools can range from as low as $10 per user per month to as high as $500 or more per month for more comprehensive solutions. For instance, the starting price for QuickBooks online is from $25 per user per month while NetSuite, a more robust solution, starts at around $499 per user per month.
Are there any free options for medical accounting software?
While there may be some basic or open-source options available, most free options won’t provide the robust features and regulatory compliance that healthcare providers require. It’s also worth noting that with a paid solution, you typically receive better customer support and regular updates to the software.
What are medical billing services?
Medical billing services involve the comprehensive management of the billing process for healthcare providers, from submitting claims to insurance companies to following up on unpaid claims. These services ensure that medical practices receive accurate and timely reimbursements for the services they provide, through efficient coding, billing, and claim tracking. By leveraging expertise in denial management and regulatory compliance, medical billing services allow healthcare organizations to reduce revenue loss and focus more on patient care rather than administrative tasks.
What is medical billing and coding?
Medical billing and coding is when healthcare providers record services using codes, which are then sent to insurance companies for payment. Medical coders assign the codes based on the patient’s care, and billers take those codes to create bills and submit claims.
What are medical billing and coding deadlines by state?
Medical billing deadlines vary across states, typically falling within a 30- to 90-day window from the date of service. Healthcare organizations should review state and payer guidelines to meet these deadlines accurately.
How much to charge as a medical billing specialist?
Medical billing specialists typically charge an hourly rate ranging from $18 for entry-level positions to $35 for experienced professionals. This can vary based on certifications, location, and the type of services provided. For a deeper dive into salary expectations, explore the medical billing specialist salary guide.
Other Medical Billing Tools
Here are some other billing tools, systems, and services that might interest you.
Summary
Understanding the purpose of medical billing and coding is key to selecting the right accounting software for your practice. From core functionality to specific features and usability, each aspect plays a crucial role in determining the effectiveness of a tool for your medical practice.
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