20 Best Medical Accounting Software Reviewed In 2024
10 Best Medical Accounting Software Shortlist
Here's my pick of the 10 best software from the 20 tools reviewed.
Our one-on-one guidance will help you find the perfect fit.
Medical accounting software is essential for companies, enabling teams to improve billing accuracy and strengthen financial management. However, finding the right solution can be challenging, given the many options available.
Using my experience with finance and accounting software, I tested and compared several of the top medical accounting software programs available. Then, I compiled my results into detailed reviews to help you find the best software for your needs.
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Best Medical Accounting Software Summary
This comparison chart summarizes pricing details for my top medical accounting software selections, helping you find the best one for your budget and business needs.
| Tools | Price | |
|---|---|---|
| Zoho Books | From $15/month (billed annually) | Website |
| Striven | From $35/user/month (min 5 users) | Website |
| ZarMoney | From $20/month (up to 2 users) | Website |
| AccountEdge | From $20/month | Website |
| AccountingSeed | Pricing upon request | Website |
| Ellucian Banner Finance | Pricing upon request | Website |
| ZipBooks | From $15/user/month | Website |
| Patriot Accounting | From $20/month | Website |
| Odoo | From $24.90/user/month (billed annually) | Website |
| Wave | From $14/month | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareHow To Choose Medical Accounting Software
It’s easy to get bogged down in long feature lists and complex pricing structures. Here's a checklist of factors to remember to help you stay focused as you work through your unique software selection process.
| Factor | What to Consider |
| Scalability | Ensure the software can grow with your practice, handling more patients and data as your business expands |
| Integrations | To streamline operations, look for compatibility with your existing systems, like EHRs and billing tools. |
| Customizability | Check if you can tailor features to suit your processes and reporting needs. |
| Ease of Use | Consider whether the interface is intuitive for your team to reduce training time and errors |
| Budget | Compare costs against your budget, including hidden fees or long-term commitments. |
| Security Safeguards | Verify compliance with healthcare regulations like HIPAA to protect patient data. |
| Support Options | Look for accessible customer support, such as live chat or phone, for quick issue resolution. |
| Reporting Tools | Assess the quality of reporting features to help you make informed financial decisions. |
Best Medical Accounting Software Reviews
Here are my in-depth summaries of the top medical accounting software on my shortlist. These reviews cover key features, pros and cons, integrations, and ideal use cases for each tool, helping you find the best fit.
Zoho Books is an online accounting software for small to medium-sized businesses. It handles key business functions like invoicing, expense tracking, and financial reporting.
Why I picked Zoho Books: Zoho Books makes it easy to automate repetitive accounting tasks, letting your team set up workflows for invoicing, payments, and reminders. This saves time and reduces errors, allowing you to focus on strategic decisions instead of daily tasks. It’s an efficient tool for optimizing your accounting processes.
Standout features & integrations:
Features include a client portal, which allows clients to view and pay invoices online, enhancing customer interaction. The software also offers multi-currency support, allowing you to manage global transactions easily. Additionally, Zoho Books provides an inventory management system that helps keep track of stock levels.
Integrations include Zoho CRM, PayPal, Stripe, G Suite, Slack, Dropbox, Office 365, Mailchimp, and Zapier.
Pros and cons
Pros:
- Efficient workflow setup
- Effective inventory management
- Strong automation capabilities
Cons:
- Limited mobile functionality
- Occasional reporting limitations
Striven is cloud-based business management software designed for small to mid-sized companies. It manages key business functions like accounting, project management, and CRM.
Why I picked Striven: Striven combines CRM features with accounting, letting you manage customer relationships and finances in one place. You can track customer interactions and financial transactions together, boosting team collaboration. Its reporting tools give insights into both finances and customer data. Plus, it supports project management, helping your team stay organized and on schedule.
Standout features & integrations:
Features include job costing, which lets your team accurately track project expenses and profitability. The software’s inventory management capabilities ensure you can maintain optimal stock levels. Automated workflows reduce manual entry, keeping your processes efficient and error-free.
Integrations include QuickBooks, Stripe, PayPal, Mailchimp, Google Calendar, Slack, Zoom, Dropbox, and G Suite.
Pros and cons
Pros:
- Strong reporting tools
- Comprehensive project management
- Integrated CRM capabilities
Cons:
- Occasional software lag
- No native payroll integration
ZarMoney is a cloud-based accounting software designed for medical businesses of all sizes. It performs key functions such as invoicing, inventory management, and financial reporting.
Why I picked ZarMoney: ZarMoney lets you grant unlimited user access, making it great for growing teams. You can easily set user permissions so everyone has the right level of access. Its reporting tools provide insights into your finances, and the inventory management features help you keep your stock organized and up to date.
Standout features & integrations:
Features include a customizable dashboard that lets your team view critical data at a glance. Automated workflows help streamline your accounting processes and reduce manual tasks. The software also offers a quoting system that simplifies creating and managing estimates.
Integrations include PayPal, Stripe, Authorize.Net, Google Drive, Etsy, Shopify, Amazon Seller, WooCommerce, and eBay.
Pros and cons
Pros:
- Strong inventory management
- Comprehensive reporting tools
- Unlimited user access
Cons:
- Occasional lag with larger data sets
- No native payroll integration
Why I picked AccountEdge: AccountEdge provides a solid option for small practices, with on-premise security and remote access through the AccountEdge Connect add-on. It’s more affordable than QuickBooks and a good choice if you’re on a budget. It covers all your essential accounting needs, and its user-friendly interface helps your team get up to speed fast.
Standout features & integrations:
Features include managing inventory, tracking time and billing, and maintaining contact management. Your team can also benefit from advanced data management and reporting tools, which help keep financial operations organized. The software's expense tracking feature is another standout, allowing you to maintain control over finances.
Integrations include Shopify, UPS, ShipStation, PayPal, Stripe, BigCommerce, Magento, WooCommerce, and Mailchimp.
Pros and cons
Pros:
- Cost-effective for small businesses
- Reliable desktop application
- Advanced data management
Cons:
- Requires local system maintenance
- Slower updates compared to cloud solutions
AccountingSeed is cloud-based accounting software for small to medium-sized businesses, particularly those already using Salesforce. It handles essential functions like general ledger management, billing, and financial reporting.
Why I picked AccountingSeed: AccountingSeed connects directly with Salesforce, making it a good fit if you’re already on that platform. This setup lets you manage accounting and customer data in one place. The software offers customizable reporting tools that adapt to your business needs, and its dual focus on accounting and CRM makes data management easier for your team.
Standout features & integrations:
Features include project accounting capabilities that let your team track project finances accurately. The software also offers robust multi-currency support, ideal for international operations. Its flexible billing options also cater to different customer needs, enhancing your billing accuracy.
Integrations include Salesforce, Avalara, Stripe, PayPal, Expensify, Bill.com, Docusign, and QuickBooks.
Pros and cons
Pros:
- Supports project accounting
- Customizable reporting tools
- Smooth Salesforce integration
Cons:
- Requires Salesforce knowledge
- Limited mobile app features
Ellucian Banner Finance is a cloud-based solution for organizations needing specialized accounting functionalities. It supports core financial management tasks and is tailored for fund accounting needs.
Why I picked Ellucian Banner Finance: Ellucian Banner Finance offers fund accounting tools that help your team track funds across multiple sources and ensure proper allocations. You get detailed budgeting features that make it easier to plan and adjust based on real-time data. With integrated financial reporting, your team can generate reports that provide clear insights into fund utilization. Additionally, Ellucian Banner Finance supports compliance management, keeping your organization aligned with essential regulatory standards.
Standout features & integrations:
Features include automated budget transfers, helping you quickly reallocate funds where they’re needed. You’ll find user-defined financial categories, allowing for more detailed tracking specific to your organization’s needs. The tool also provides expense encumbrance features, letting you see committed funds at a glance for better budget control.
Integrations include Workday, Oracle, Salesforce, Blackbaud, PeopleSoft, Google Workspace, Microsoft 365, SAP, Banner Document Management, and Tableau.
Pros and cons
Pros:
- Automated workflows
- Real-time financial insights
- Tailored for educational needs
Cons:
- Limited mobile features
- Higher learning curve
ZipBooks is a cloud-based accounting software solution designed for small businesses. It offers key business functions such as invoicing, expense tracking, and financial reporting.
Why I picked ZipBooks: ZipBooks is ideal for solo practices, combining invoicing and project management in one tool. You can quickly send professional invoices and track billable hours, making it a good fit for solo entrepreneurs. The simple interface keeps you from wasting time on complex menus, and automated reminders help you manage cash flow.
Standout features & integrations:
Features include smart tagging, which lets your team categorize transactions for more organized financial data. The software's machine learning capabilities provide insights into your financial health, helping you make informed decisions. ZipBooks also offers a color-coded intelligence feature to give your team a quick snapshot of business performance.
Integrations include PayPal, Square, Stripe, Gusto, Slack, Google Drive, and Trello.
Pros and cons
Pros:
- Real-time cash flow tracking
- Simple project management
- Machine learning insights
Cons:
- Requires internet connection
- Limited multi-user access
Patriot Accounting is an online accounting software tailored for small businesses. It performs business functions such as accounting, payroll processing, and tax filing.
Why I picked Patriot Accounting: Patriot Accounting aims to simplify payroll for small teams. You can handle payroll taxes and direct deposits without hassle, so your team gets paid on time. The setup wizard walks you through the initial configuration, saving you time. You’ll also get detailed payroll reports to help you comply with regulations.
Standout features & integrations:
Features include automatic tax calculations, which ensure your tax filings are accurate and timely. The software's expense tracking helps your team manage and categorize business expenses efficiently. Patriot Accounting also offers a customizable chart of accounts, allowing you to tailor the software to your business needs.
Integrations include QuickBooks, ADP, TSheets, Gusto, and Plaid.
Pros and cons
Pros:
- Guided setup process
- Detailed payroll reports
- Strong payroll capabilities
Cons:
- Limited mobile app functionality
- Requires internet connection
Odoo is a highly customizable business management software designed for companies of various sizes. It performs essential business functions such as accounting, CRM, and inventory management.
Why I picked Odoo: Odoo lets you add or remove applications as your business needs change. This flexibility makes it ideal if you need specific tools without extras. You can easily integrate accounting with other business functions. This adaptability helps your business grow and adjust over time.
Standout features & integrations:
Features include an intuitive drag-and-drop interface that simplifies workflow management. Your team can use real-time communication tools to collaborate effectively within the platform. Odoo also provides comprehensive reporting capabilities, helping you make informed decisions based on data insights.
Integrations include PayPal, eBay, Amazon, QuickBooks, Microsoft Dynamics, Shopify, WooCommerce, Stripe, and Magento.
Pros and cons
Pros:
- Strong real-time communication
- Easy-to-scale operations
- Highly customizable modules
Cons:
- Limited support for niche industries
- Requires technical knowledge
Wave is an online accounting software specifically designed for small businesses and freelancers. It handles essential functions like invoicing, expense tracking, and financial reporting.
Why I picked Wave: Wave is a free tool with a range of features for small businesses. It allows you to manage invoices and payments easily, making it a smart choice for budget-conscious teams. The simple dashboard gives a clear view of your finances, which is especially helpful for startups and freelancers looking to keep track of their money.
Standout features & integrations:
Features include receipt scanning, which allows you to easily capture and store expense receipts. The software's personal finance management tools help your team keep business and personal finances separate. Wave also offers an invoicing system that lets you quickly create professional invoices.
Integrations include PayPal, Etsy, Shoeboxed, Zapier, Google Sheets, Stripe, QuickBooks, and Shopify.
Pros and cons
Pros:
- Easy receipt scanning
- Professional invoicing tools
- Free for accounting functions
Cons:
- Limited customization options
- Basic reporting capabilities
Other Medical Accounting Software
Here are some additional medical accounting software options that didn’t make it onto my shortlist but are still worth checking out.
- Kashoo
Best for easy invoicing
- FreshBooks
Best for time tracking
- Xero
Best for small business workflows
- Sage Intacct
Best for AI financial management
- NetSuite
Best for all-in-one ERP integration
- QuickBooks Online
Best for cloud-based solutions
- Kareo
Best for mobile medical billing
- Multiview ERP
Best for customizable ERP
- AdvancedMD
Best for private practices
- QuickBooks Enterprise
Best for large practices
Medical Accounting Software Selection Criteria
When selecting the best medical accounting software for this list, I considered everyday buyer needs and pain points, such as compliance with healthcare regulations and managing complex billing processes. 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 everyday use cases:
- Manage patient billing
- Track financial transactions
- Generate financial reports
- Handle insurance claims
- Ensure compliance with regulations
Additional Standout Features (25% of total score)
To help further narrow down the competition, I also looked for unique features, such as:
- Advanced analytics dashboards
- Customizable templates
- Integration with EHR systems
- Automated reminders for payments
- Multi-currency support
Usability (10% of total score)
To get a sense of the usability of each system, I considered the following:
- Intuitive user interface
- Clear navigation menus
- Minimal learning curve
- Responsive design for mobile use
- Quick access to key features
Onboarding (10% of total score)
To evaluate the onboarding experience for each platform, I considered the following:
- Availability of training videos
- Interactive product tours
- Comprehensive webinars
- Access to chatbots for assistance
- Pre-built templates for setup
Customer Support (10% of total score)
To assess each software provider’s customer support services, I considered the following:
- 24/7 availability
- Multichannel support options
- Knowledgeable support staff
- Prompt response times
- Access to a help center or FAQ
Value For Money (10% of total score)
To evaluate the value for money of each platform, I considered the following:
- Competitive pricing
- Range of features offered
- Flexibility of pricing plans
- Hidden costs or fees
- Return on investment
Customer Reviews (10% of total score)
To get a sense of overall customer satisfaction, I considered the following when reading customer reviews:
- Overall satisfaction ratings
- Frequency of positive feedback
- Common complaints or issues
- User testimonials
- Recommendations by industry experts
Trends In Medical Accounting Software
In my research, I sourced countless product updates, press releases, and release logs from different medical accounting software vendors. Here are some of the emerging trends I’m keeping an eye on.
- AI-driven analytics: AI is being used to provide deeper insights into financial data. Tools like Xero and QuickBooks are implementing AI to predict cash flow trends and identify anomalies, helping businesses make informed decisions quickly.
- Blockchain for security: Blockchain technology is being explored to enhance transaction security and transparency. Some vendors are experimenting with blockchain to ensure data integrity and prevent fraud, making it an attractive feature for security-conscious users.
- Telehealth integration: With the rise of telehealth, accounting software is starting to integrate with telehealth platforms. This allows for smooth billing and financial management within virtual care settings, providing convenience for healthcare providers.
- Patient self-service portals: More software solutions offer patient self-service portals for billing and payments. This trend empowers patients to manage their accounts online, reducing administrative burdens on healthcare staff.
- Environmental sustainability tracking: Some vendors add features to track ecological impact and sustainability metrics. This trend caters to healthcare providers looking to align with eco-friendly practices and improve their sustainability reporting.
What Is Medical Accounting Software?
Medical accounting software is designed to help healthcare providers manage billing, expenses, and reporting. It’s commonly used by healthcare administrators, accountants, and billing specialists to boost financial accuracy and efficiency.
Key features like patient billing, insurance claim processing, and financial reporting streamline complex workflows and support compliance with healthcare regulations. These tools add value by improving medical practices' financial health and operational efficiency.
Features Of Medical Accounting Software
When selecting medical accounting software, look for the following key features.
- Patient billing: Automates invoicing and payment tracking, reducing manual errors and improving cash flow.
- Insurance claim processing: Streamlines the submission and tracking of insurance claims, saving time and minimizing denials.
- Financial reporting: Provides detailed insights into financial performance, helping with strategic decision-making and compliance.
- Time tracking: Allows accurate billing of hours worked, which is essential for practicing billing by time.
- AI-driven analytics: Offers predictive insights into financial data, assisting in proactive financial planning.
- Telehealth integration: Supports billing and financial management for virtual care services, aligning with modern healthcare delivery.
- Inventory management: Helps track medical supplies and equipment, ensuring optimal stock levels.
- Multi-currency support: Facilitates international transactions by handling different currencies effortlessly.
- Client portal: Enables patients to manage their accounts online, enhancing transparency and reducing administrative workload.
- Environmental sustainability tracking: Monitors sustainability metrics, aligning financial practices with eco-friendly goals.
Benefits Of Medical Accounting Software
Implementing medical accounting software provides several benefits for your team and your business. Here are a few you can look forward to.
- Improved billing accuracy: Automates invoicing and payment tracking, which reduces errors and ensures consistent cash flow.
- Time savings: Streamlines insurance claim processing and financial reporting, freeing time for more strategic tasks.
- Enhanced decision-making: Provides detailed financial reports and AI-driven analytics to help you make informed business decisions.
- Compliance management: Keeps your practice aligned with healthcare regulations through features like insurance claim processing and detailed reporting.
- Patient empowerment: Offers client portals for patients to manage their accounts, boosting transparency and reducing administrative tasks.
- Inventory control: Manages medical supplies and equipment, ensuring you always have the right stock levels.
- Financial flexibility: Supports multi-currency transactions, making it easier to handle international business operations.
Costs & Pricing Of Medical Accounting Software
Selecting medical accounting software requires understanding the various pricing models and plans available. Costs vary based on accounting features, team size, add-ons, etc. The table below summarizes standard plans, their average prices, and the typical features of the best healthcare accounting software solutions.
Plan Comparison Table for Medical Accounting Software
| Plan Type | Average Price | Common Features |
| Free Plan | $0 | Basic invoicing, expense tracking, and limited reporting. |
| Personal Plan | $10-$30/user/month | Invoicing, basic reporting, and single-user access. |
| Business Plan | $30-$60/user/month | Multi-user access, advanced reporting, and inventory management. |
| Enterprise Plan | $60-$120/user/month | Customizable workflows, analytics, and multi-currency support. |
Medical Accounting Software FAQs
Here are some answers to common questions about medical accounting software.
How might billing and medical accounting software be used in a medical office?
Accounting and billing software helps streamline patient management tasks like handling patient accounts, collections, and copays. It also manages accounting system back-office and billing functions like accounts payable, accounts receivable, and general ledger features. This integration supports efficient financial management in a medical setting.
What do medical billers use practice management and medical accounting software for?
Medical billers use practice management and medical accounting software to manage patient accounts and view payment history. The software’s dashboards help keep finances organized and ensure prompt payments for services rendered. This capability supports the financial health of medical practices in the healthcare industry.
What are the benefits of integrating medical accounting software with EHR systems?
Integrating healthcare accounting software with EHR systems allows for smooth data sharing between clinical and financial departments. This integration reduces data entry errors, improves billing accuracy, and enhances patient care through better information access. It’s a valuable feature for comprehensive healthcare management.
How can AI enhance the capabilities of medical accounting software?
AI can enhance medical accounting software by providing predictive analytics and automating routine healthcare organization tasks. These capabilities help identify financial trends and anomalies, allowing for proactive decision-making. AI-driven insights contribute to more efficient and informed financial management in medical practices.
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