7 Best Accounting Software For Doctors (2024)

Medical accounting software can help to streamline accounting processes and reduce errors caused by manual data entry. Accounting software for the health services or social services industries will provide a number of features to help with day-to-day accounting and business practices.

Most accounting software for doctors come with the following features; HIPAA compliance, Integration with electronic medical records, Medical materials management, Patient/insurance/CMS billing, and Integration with patient portals.

In this write-up, we shall be exploring the best accounting software for doctors that you can consider for your healthcare business.

Upfront Conclusion

The best accounting software for doctors right now is Affinity ERP and AthenaCollector.

Best Accounting Software for Doctors (Summary)

Affinity ERP – Best accounting software for decision support
AthenaCollector – Best accounting software for billing management processes
PDS MDsuite – Best accounting software for capturing charges
CollaborateMD – Best accounting software for coding process
Lytec – Best accounting software for combining scheduling and billing functions
NueMD – Best accounting software for providing detailed reports on revenue
Kareo Billing – Best accounting software for supporting in-house billing

1. Affinity ERP – Best Accounting Software for Decision Support

Pricing: Prices start at $3,000 license plus $3,000 training with a $660 annual fee

Harris Healthcare created this accounting software system specifically for healthcare organizations. Harris Healthcare provides Decision Support, Patient Self-Service, comprehensive ERP, and Revenue Cycle Management software and services to small and medium-sized hospitals, healthcare systems, and large physician and long-term care organizations to maximize cash flow. Begin by maximizing your cash flow with a low price guarantee on fully integrated or stand-alone software solutions.

Key Features

Finance
Supply Chain Management
Human Capital
Systems Management
Cost Accounting
Contract Management
Budgeting
Analytics
Mobile Pre-Registration
Self-Service Check-In
Payment Management
Point-of-Service Kiosk
Revenue Cycle Management

Reasons to Buy

Long-term care organizations
Easy to set up and use
Top-notch supporting system

Reasons to avoid

Complex interface
Not fully compatible with Adobe files

2. AthenaCollector – Best Accounting Software for Billing Management Processes

Pricing: 1 Provider – Starting Price at $125.00 per month

AthenaCollector is intended to assist health organizations in managing their billing processes and collecting money owed in a timely manner. It is used to assist with claims management, revenue cycles, scheduling, and other tasks. It connects physicians and provides transparent insights into performance and other data points to over 120,000 providers.

Key Features

Performance Reporting
Revenue Cycle Dashboard
Appointment Scheduling
Claims Management
Patient Check-In

Reasons to Buy

Excellent customer support
Outstanding preparation and training during transition
Billing end users find it easy to use
Versatility

Reasons to Avoid

Reporting process is a bit tasking
Sometimes, it fails at pulling in records from other facilities

3. PDS MDsuite – Best Accounting Software for Capturing Charges

Pricing: Prices starts at $49 per Month

PDS MDsuite is a PM and an EHR software suite that captures all charges that insurance companies will reimburse. It gives access to full patient histories and can move patients through the entire visit cycle from check-in to exam and check-out. Users can use the suite to edit and add photos and documents to patient charts, write cover letters and messages to refer to doctors and create any necessary forms on the fly.

The suite is intended to streamline the flow of patient information from care to billing. It includes an inlet port scanner that captures patient records from an ID card and automatically converts it into data. It also has a room view of the user’s practice that provides real-time visibility into what is going on in every room at all times, allowing users to keep track of patients and staff. Furthermore, the suite verifies insurance prior to service, provides users with a set of customizable template-like models to help with data entry, and includes task-tracking tabs so users can manage task status without backing out or drilling.

Key Features

Chart by exception
Provides access to entire patient records, including clinical, financial, documentation, communication, and scheduling
Evaluation and management codes
Billing automation capabilities
User-established task batching and prioritization settings
HIPAA Compliant

Reasons to Buy

Enough instructive videos to watch on how to use the software
Product timely updates
Easy schedule of appointments

Reasons to Avoid

Server updating can be difficult
Posting installation support and implementation should be improve on

4. CollaborateMD – Best Accounting Software for Coding and Automating Processes

Pricing: Plan 1 starts at $179/month/provider

CollaborateMD is a healthcare billing and practice management system that assists practices of all sizes in automating and streamlining billing and coding processes. The system was designed to be comprehensive and user-friendly, with an interface that users of all experience levels can learn. Because the solution is web-based, there are no upfront or setup costs.

Key Features

Real-time claim submission
Report financials and dashboards
Patient processing and payment
Claim control
Scheduling

Reasons to Buy

Intuitive programming which facilitates ease of use and decreases labor cost
Straightforward process of addition of new users to account
Professional timeliness

Reasons to Avoid

No bi-directional communication with EHR, Practice Fusion
Lack of detailed referral system

5. Lytec – Best Accounting Software for Combining Scheduling and Billing Functions

Pricing: Prices start at $3,479 for the entry-level option for startup practices.

Lytec is a proven practice management solution that offers an all-in-one interface combining scheduling and billing functions and integrated revenue management capabilities and is designed to support Independent Physicians. Lytec, on the other hand, is much more than just a scheduling and billing program. You will have access to the practice management system and an advanced electronic health record solution with Lytec MD EHR, giving your practice the tools it needs to succeed in today’s complex healthcare environment.

Key Features

Accounting–Transfer credits and adjustments from one billing period to the next.
Engagement–Patient Email Connect supports a targeted export of 27 different filters, including age, gender, activity, last visit, and more!
Appointments–Personalized, printed appointment schedules
Notifications–Hold code display enhancements such as hovering over patient appointments–saving time and clicks
Improvements to the Collections–A/R Tracker, including the ability to see the patient co-pay in the unpaid transactions grid.
Registration–improvements to duplicate patient records
Billing–BillFlash patient statement upgrades
Timely Filing–Billers now have the right platform to instantly see how many days remain until the deadline for timely filing and which claims have already been billed and are overdue.

Reasons to Buy

Excellent patient care
Dedicated server for up to 100 users
Advanced functionality for management of full cycle of revenue

Reasons to Avoid

Pricey
At times, transiting from tab to tab does not work

6. NueMD – Best Accounting Software for Providing Detailed Reports on Revenue Trends

Pricing: Prices start at $149 per Month

Welcome to NueMD, your one-stop shop for Internet-based medical billing software. The simple-to-use, low-cost online medical billing software will assist you in better serving your clients by shortening reimbursement cycles, increasing efficiencies within their practices, and providing detailed reports on revenue trends, collection aging, and payment status.

NueMD is faster, reliable, and more secure than Web-based medical billing software because it is Internet-based. All of your clients can use the electronic medical billing system to schedule appointments, and there are no additional fees for multiple users.

Key Features

HIPAA Compliant
Appointment Management
Billing & Invoicing
Patient Records Management
Appointment Scheduling
Claims Management
Self Service Portal
Multi-Location

Reasons to Buy

User friendly
You can gain access anywhere via internet connection
Easy-to-use module

Reasons to Avoid

Cancellation of appointments can be a bit cumbersome
Billing charges may sometimes be incorrect

7. Kareo Billing – Best Accounting Software for Supporting All of Your In-House Billing

Pricing: Prices starts at $80/month/user

Kareo Billing is a practice management and medical billing software solution. The system is designed to support all of your in-house billing with a web and mobile application that allows you to manage patients and bill insurance easily.

Key Features

Comprehensive Agenda
Complete Patient & Document Management
Patient Scheduling & Appointment Reminder Software
Accurate Charge Capture & Management
Smarter Insurance Billing & Patient Collections
Insightful Billing Analytics
Secure Messaging System
ICD-10 Compliant
Centralized A/R Management System
Billing Analytics
Charge Capture
Billing Application

Reasons to Buy

It optimizes productivity
It produces clear agenda overview
More than 145 customizable templates

Reasons to Avoid

There is much to be desired concerning customer service support
Product that was once free now attracts charges

Frequently Asked Questions

In A Medical Office, How Might Accounting Software Be Used?

Medical office accounting software also aids in the management of the often complex workflow of processing claims with insurance companies and Medicare/Medicaid programs. It automates the process of importing data, checking it for accuracy (scrubbing), and producing data-driven reports for decision-makers to use.

Can QuickBooks Be Used In Medical Practice?

It assists in tracking income and expenses by importing transactions from the medical practice’s bank, credit cards, and online financial tools. Medical office administrators can use QuickBooks to invoice patients and send payment reminders. It assists medical practices in remaining compliant with contractors and managing 1099s.

Is QuickBooks HIPAA Compliant?

QuickBooks Online currently meets industry standards for online security but does not meet HIPAA privacy standards. You are not advised to enter personal health information into the QuickBooks Accounting Software program if you are a health care professional.

What Exactly Is Medical Billing Software?

Medical billing software can be referred to as a computer program that automates the billing process for healthcare providers. This software can help medical practices and billing companies significantly improve their reimbursement rates, maximize revenue, and maintain the financial health of their businesses.

What Type Of Software Can Be Used For Medical Coding?

To accelerate the coding process and ensure greater accuracy, the majority of the medical coding profession now employs some form of coding software. Epic, Centricity, Advanced MD, Flash Code, Eclipse, and other software programs have fields where coders can enter the correct procedure and diagnosis codes.

Do Medical Doctors Respond To Accounting Data?

As a result, a doctor’s office must keep accounting records in order for patients and their insurance companies to be properly billed for the services provided by the doctor.

What Is The Role Of Accountants In A Hospital?

Healthcare accountants can work in a variety of settings, including hospitals and private practices. They are in charge of collecting account payments for services rendered to patients, maintaining all staff and patient files, and handling all billing duties.

Is Fund Accounting Used In Hospitals?

Hospitals and other institutional healthcare providers have presented their financial statements using fund accounting for many years. Separate fund reporting has recently received less attention in authoritative literature.