19 Best Medical Accounting Software Reviewed for 2025
Best Medical Accounting Software Shortlist
Here's my pick of the 10 best software from the 19 tools reviewed.
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.
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Best Medical Accounting Software Summary
This comparison chart summarizes pricing details for my top medical accounting software selections to help you find the best one for your budget and business needs.
| Tool | Best For | Trial Info | Price | ||
|---|---|---|---|---|---|
| 1 | Best for cloud-based accounting | 30-day free trial | From $2.50/user/month (billed monthly) | Website | |
| 2 | Best for overall financial management | 30-day free trial | From $19/user/month (billed monthly) | Website | |
| 3 | Best for medical practice management | 7-day free trial | From $35/user/month (min 5 users) | Website | |
| 4 | Best for integrated patient experience | Not available | Pricing upon request | Website | |
| 5 | Best for comprehensive reporting features | Free demo available | From $429/user/month (billed annually) | Website | |
| 6 | Best for holistic healthcare management | Free demo available | From $99/user/month, plus a $999 base fee/month | Website | |
| 7 | Best for specialty medical practices | Not available | From $200/user/month (billed annually) | Website | |
| 8 | Best for data-driven decision making | Not available | From $250/user/month. | Website | |
| 9 | Best for hospitals and health systems | Not available | From $15/user/month. | Website | |
| 10 | Best for small practice accounting | Free plan available | From $0/month | Website |
Best Medical Accounting Software Reviews
Below are my detailed summaries of the best medical accounting software that made it onto my shortlist. My reviews offer a detailed look at the key features, pros & cons, integrations, and ideal use cases of each tool to help you find the best one for you.
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.
New Product Updates from Xero
Xero Unveils Redesigned Certification Program
Xero has revamped its certification program, offering flexible learning with digital courses, live webinars, and badges. Open to all, it's free and self-paced. For more information, visit Xero's official site.
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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.
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.
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.
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.
MedEvolve is a software solution designed to provide advanced data analytics and business intelligence for healthcare practices. By focusing on data-driven insights, MedEvolve empowers practices to make informed decisions, which explains why it's best for data-driven decision making.
Why I Picked MedEvolve: I chose MedEvolve because of its distinctive emphasis on leveraging data to drive decision-making in healthcare practices. Compared to other tools, its commitment to delivering insightful data analysis helps medical practices identify gaps, improve performance, and enhance patient outcomes. Therefore, it stands out as the tool of choice for data-driven decision-making.
Standout features & integrations:
MedEvolve provides robust features like financial analytics, patient access management, and revenue cycle management. On the integrations front, MedEvolve can be smoothly integrated with a variety of EMR/EHR systems and billing platforms, enhancing its utility for healthcare providers.
Pros and cons
Pros:
- Patient access management.
- Seamless integration with EMR/EHR systems.
- Robust data analytics features.
Cons:
- Limited support options.
- User interface might take some getting used to.
- More expensive than some other options.
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.
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.
- Sage Intacct
For scalability and growth
- Tebra
For streamlined practice management
- CollaborateMD
Good for hassle-free medical billing and practice management
- eClinicalWorks
Good for managing entire revenue cycles
- Xledger
Good for businesses seeking robust cloud-based financial management
- DrChrono
Good for integrating EHR, practice management and billing
- Cerner PowerChart Touch
Good for digitizing patient records and clinical data
- EZClaim
Good for simplified medical billing and scheduling
- i3 Verticals Healthcare
Good for all-in-one payment processing solutions
Medical Accounting Software Selection Criteria
When selecting the best medical accounting software to include in this list, I considered common buyer needs and pain points like ensuring compliance with healthcare regulations and managing complex billing cycles. I also used the following framework to keep my evaluation structured and fair:
Core Functionality (25% of total score)
To be considered for inclusion in this list, each solution had to fulfill these common use cases:
- Manage billing and invoicing
- Track payments and receivables
- Ensure compliance with regulations
- Generate financial reports
- Handle insurance claims processing
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Customizable dashboards
- Automated reminders for unpaid invoices
- Multi-currency support
- Integration with EHR
- Advanced data analytics tools
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive user interface
- Clear navigation paths
- Minimal learning curve
- Mobile access
- Customizable user settings
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Access to interactive product tours
- Comprehensive webinars and guides
- Easy data migration tools
- Responsive onboarding support team
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- 24/7 availability of support
- Live chat and phone support options
- Comprehensive online help center
- Quick response times
- Personalized support
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Flexible subscription plans
- Transparent pricing
- ROI potential
- Cost-effectiveness
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Positive feedbacks
- High ratings
- Consistent updates and improvements
- Users' opinions on feature reliability
- Community engagement
How to Choose Medical Accounting Software
It’s easy to get bogged down in long feature lists and complex pricing structures. To help you stay focused as you work through your unique software selection process, here’s a checklist of factors to keep in mind:
| Factor | What to Consider |
|---|---|
| Scalability | Can the software grow with your practice? Consider if it can handle more patients, staff, or locations without requiring a complete overhaul. |
| Integrations | Does it work with your existing systems? Check for compatibility with your EHR, billing, and other critical tools to avoid disruptions. |
| Customizability | Can you tailor it to your workflow? Ensure it allows changes to suit your unique processes without needing extensive technical help. |
| Ease of use | Is it intuitive for your team? Look for a user-friendly interface that minimizes training time and reduces errors in daily operations. |
| Implementation and onboarding | How easy is it to get started? Consider the time and resources needed to implement the software and train your team effectively. |
| Cost | Does it fit your budget? Compare pricing models, including hidden fees and long-term costs, to ensure it’s affordable for your practice. |
| Security safeguards | How does it protect patient data? Ensure it complies with healthcare regulations and has robust encryption and access controls. |
| Compliance requirements | Does it meet industry standards? Verify that it adheres to necessary healthcare compliance like HIPAA to avoid legal issues. |
What Is Medical Accounting Software?
Medical accounting software is designed to manage the financial operations of healthcare practices. It's typically used by healthcare administrators, accountants, and billing specialists to handle billing, payments, and financial reporting.
Features like billing management, compliance tracking, and financial reporting help with efficient financial operations and regulatory adherence. These tools offer significant value by reducing administrative burdens and enhancing financial accuracy.
Features
When selecting medical accounting software, keep an eye out for the following key features:
- Billing management: Automates the billing process to ensure timely and accurate invoicing, reducing manual errors.
- Compliance tracking: Keeps your practice aligned with healthcare regulations like HIPAA, minimizing legal risks.
- Financial reporting: Provides detailed financial reports to help you understand your practice's financial health and make informed decisions.
- Insurance claims processing: Streamlines claims submission and tracking to improve reimbursement rates and reduce delays.
- Multi-currency support: Allows handling transactions in different currencies, useful for practices with international operations.
- Customizable dashboards: Offers tailored views of financial data, enabling users to focus on the most relevant information.
- Data analytics tools: Analyzes financial data to provide insights and identify trends, aiding strategic planning.
- Integration capabilities: Connects with existing EHR systems and other tools to ensure a cohesive workflow.
- User-friendly interface: Ensures ease of use, reducing the training time needed for staff to become proficient.
- Security features: Protects sensitive patient and financial data with encryption and access controls.
Benefits
Implementing medical accounting software provides several benefits for your team and your business. Here are a few you can look forward to:
- Improved accuracy: Automates billing and reporting processes, reducing errors and ensuring precise financial records.
- Time savings: Speeds up tasks like invoicing and claims processing, freeing up staff to focus on patient care.
- Regulatory compliance: Keeps your practice aligned with healthcare regulations, reducing the risk of costly penalties.
- Financial insights: Offers detailed reports and analytics, helping you make informed business decisions and plan strategically.
- Enhanced cash flow: Streamlines payment processing and improves reimbursement rates, boosting your practice's financial health.
- Data security: Protects sensitive information with advanced security measures, ensuring patient and financial data stays safe.
- Integration ease: Connects with existing systems, creating a unified workflow that minimizes disruptions and enhances productivity.
Costs and Pricing
Selecting medical accounting software requires an understanding of the various pricing models and plans available. Costs vary based on features, team size, add-ons, and more. The table below summarizes common plans, their average prices, and typical features included in medical accounting software solutions:
Plan Comparison Table for Medical Accounting Software
| Plan Type | Average Price | Common Features |
|---|---|---|
| Free Plan | $0 | Basic billing management, limited reporting, and basic customer support. |
| Personal Plan | $10-$30/user/month | Advanced billing features, compliance tracking, and email support. |
| Business Plan | $40-$80/user/month | Comprehensive reporting, insurance claims processing, multi-currency support, and phone support. |
| Enterprise Plan | $100-$200/user/month | Custom dashboards, data analytics tools, integration capabilities, and priority customer support. |
Medical Accounting Software FAQs
Here are some answers to common questions about medical accounting software:
How long does it take to implement medical accounting software?
The implementation time for medical accounting software can vary depending on the complexity of the software and your practice’s specific needs. Some solutions offer quick setups with guided onboarding, while others may require more extensive customization and training. Be sure to discuss the implementation timeline with the provider to set realistic expectations and plan accordingly.
Can medical accounting software integrate with other healthcare systems?
Yes, many medical accounting software solutions can integrate with EHRs and practice management systems. This integration allows for seamless data transfer, reducing manual entry and errors. When selecting software, check if it supports integration with your existing systems.
Integration can improve workflow efficiency by synchronizing patient records, billing data, and appointment schedules, making it easier for your team to manage all aspects of the practice from one platform.
How secure is medical accounting software?
Medical accounting software prioritizes security to protect sensitive patient and financial data. Look for solutions that offer encryption, access controls, and regular security updates. It’s essential to ensure the software complies with healthcare regulations like HIPAA, which mandates specific security measures.
Before purchasing, ask vendors about their security protocols and how they handle data breaches. Security is a critical consideration to prevent unauthorized access and ensure patient trust.
Is technical support available for medical accounting software?
Yes, most vendors offer technical support to assist with any issues. Support options may include phone, email, chat, or a dedicated account manager. When choosing software, consider the level of support provided and any additional costs.
Good customer support can help with onboarding, troubleshooting, and ensuring your team fully utilizes the software’s features. Check reviews or ask for references to gauge the quality of a vendor’s support services.
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’s Next:
If you're in the process of researching medical accounting software, connect with a SoftwareSelect advisor for free recommendations.
You fill out a form and have a quick chat where they get into the specifics of your needs. Then you'll get a shortlist of software to review. They'll even support you through the entire buying process, including price negotiations.