10 Best Medical Practice Accounting Software (2024)

Upfront Conclusion

The best medical practice accounting software right now is Netsuite and FreshBooks.

Anyone in the healthcare industry will know that time is a precious resource. In the busy environment of a medical practice, hours wasted on poor and ineffective financial administration could have a big impact on your patients. Whilst EMR systems are helpful for client-facing tasks, they offer limited tools for specialized accountancy.

To help you focus on the provision of excellent patient care, rather than arduous bookkeeping obligations, we’ve listed the best accounting software to use in your medical practice.

Top 10 Best Medical Practice Accounting Software

Oracle NetSuite – Best Software for a Large Practice
FreshBooks – Best Software for Beginners
Quickbooks Online – Best Software for a Small to Medium-sized Practice
Xero – Best Software for a Practice with Many Employees
Sage Intacct – Best Software for HIPAA Compliancy
Medesk – Best Software for Administration
MYOB – Best Software for a Small Practice
TallyPrime – Best Software for Basic Accounting
Cliniko — Best Software for All-in-One Practice Management
SimplePractice — Best Software for Medical Billing

1. Oracle NetSuite – Best Software for a Large Practice

Best Medical Practice Accounting Software

PRICING: From $499/month, tailored quotes on enquiry.

Netsuite is certainly one of the more expensive options available, but positive reviews of its transformative impact on financial management are a testament to this software’s value. It provides an ideal solution to larger medical practices struggling to balance their accounts and patients.

KEY FEATURES:

Real-time financial tracking
Tax management
iOS and Android app

REASONS TO BUY:

Powerful software
Easy to customise
Helpful resources provided by company

REASONS TO AVOID:

Expensive
Difficult to learn the extent of available functions

Try Netsuite

2. FreshBooks – Best Software for Beginners

PRICING: Free 30-day trial, plans from $25/month.

With the Select Plan, businesses have the option to customise Freshbooks based on their needs. This includes adding an unlimited number of billable clients and gaining access to a dedicated account manager.

KEY FEATURES:

Payroll management
Automated and customised invoicing
Appointment scheduling

REASONS TO BUY:

Quick payment processes benefit your employers and your clients
Manage finances on the go with the app
Substantial support from Freshbooks professionals

REASONS TO AVOID:

User manual limited to English language
Struggles with a large amount of stored data

Try FreshBooks

3. Quickbooks – Best Software for a Small to Medium-sized Practice

PRICING: Free 30-day trial, plans from $25/month.

Quickbooks works intuitively with medical practices to provide fast accounting that is accessible from anywhere in the world.

KEY FEATURES:

Centralised payroll
Automated invoicing
Upload photos of receipts

REASONS TO BUY:

Merges accounting in one place
Budget and income projection
Data security

REASONS TO AVOID:

Not yet HIPAA compliant
Weak inventory management
Difficult to use for users not trained in accountancy

4. Xero – Best Software for a Practice with Many Employees

PRICING: Free 30-day trial, with plans from $12/month.

Xero is a popular choice for businesses on the smaller side looking to merge their accounting tasks into one easy-to-use product. As Xero is cloud-based, your accounts can be accessed by any user, from anywhere in the world. Its payroll consolidation tools are particularly good, making it a suitable option for practices who employ a number of part-time staff.

KEY FEATURES:

Inventory tracking
User-friendly app
Compatible with over 1000 third-party apps

REASONS TO BUY:

Save time on payroll
Flexible access

REASONS TO AVOID:

User accessibility cannot be limited, so every staff member will have access to all stored information

5. Sage Intacct – Best Software for a HIPAA Compliancy

PRICING: Pricing available on enquiry.

Unlike other accounting software available for use in the healthcare industry, Sage Intacct is HIPAA compliant (if you subscribe to the ‘advanced audit trail’ option). This further cements it as a leading choice in your search for excellent accounting, ensuring that your business succeeds in providing medical as well as financial security.

KEY FEATURES:

Consolidated finance reporting

REASONS TO BUY:

HIPAA compliant
Medical practices report saving $125,000 and 400 hours annually since switching to Sage Intacct

REASONS TO AVOID:

Users consistently report software bugs and glitches
Unhelpful customer support

6. Medesk – Best Software for Administration

PRICING: Free trial, plan pricing available on request.

Although primarily a healthcare delivery system designed to manage administrative processes such as appointment scheduling, Medesk also offers comprehensive accounting tools.

KEY FEATURES:

Cloud-based
Detailed patient financial accounts
Detailed financial analytics

REASONS TO BUY:

Easy to learn
Integrates with Healthcode to verify insurance information

REASONS TO AVOID:

Some functions could be more time-efficient
Requires Xero integration to access additional features

7. MYOB – Best Software for a Small Practice

PRICING: 30-day free trial, discounted plans from $12/month.

A relatively new product, MYOB offers basic but accurate accounting to small practices who might not have advanced experience with bookkeeping.

KEY FEATURES:

Financial insights
Employee management
Integrates with other software

REASONS TO BUY:

Cloud-based
Efficient

REASONS TO AVOID:

Weak customer support
Expensive compared to more advanced alternatives

8. TallyPrime – Best Software for Basic Accounting

PRICING: Free trial, plans from $10/month.

A fast growing product in India especially, TallyPrime aims to take the superfluous out of accounting and cover only the necessities. For this reason, it’s a good choice for small businesses and beginners to financial management – potentially removing the need for a designated accountant.

KEY FEATURES:

Expense tracking
Multitasking in single window

REASONS TO BUY:

Efficient
Easy to learn

REASONS TO AVOID:

Clunky graphics
Financial reports are simplistic

9. Cliniko – Best Software for All-in-One Practice Management

PRICING: Free 30-day trial, from $45/month for each practitioner.

Cliniko is a HIPAA compliant product, so automatically places ahead of other software. It merges thorough administrative processes with financial management to deliver a service that should, essentially, make your life much easier.

KEY FEATURES:

Payment options for concessions
Multi-invoice payments in a single transaction
Billable items

REASONS TO BUY:

HIPAA compliant
Excellent patient management
Encrypts data

REASONS TO AVOID:

Pricing by practitioner can get expensive for large practices

10. SimplePractice — Best Software for Medical Billing

PRICING: Free version, paid plans from $29/month.

SimplePractice nearly combines patient management with accounting in a software that truly simplifies everyday tasks. Its toolbox of features ensures consistent and efficient execution that is easy on the budget and clock.

KEY FEATURES:

Insurance billing dashboard
Revenue tracking
Automated payment reminders

REASONS TO BUY:

Monitor team member tasks
Regularly updated
Easy to learn and use

REASONS TO AVOID:

Live support over the phone is often unavailable
Pricey

Frequently Asked Questions

Should my practice invest in accounting software?

Absolutely, yes. By investing properly in a proper accounting solution, you are investing in your patients. Streamlining your bookkeeping system alleviates pressure on staff, who are often already overworked, as well as providing an overview of your practice’s expenses, allowing you to anticipate future costs.

Moreover, automating a system traditionally fulfilled manually can catch any numerical errors that may hinder and delay payment processes.

Does my accounting software need to to be HIPAA compliant?

Ostensibly, using a HIPAA compliant product will make your accounting experience easier and eliminate some of the pressure resulting from processing large amounts of confidential information. Introduced in 1996 to protect patient information, the Health Insurance Portability and Accountability Act is one of the most important elements to consider in your healthcare pratice. It absolves your practice of accountability in the rare event of a data breach, offering much-needed peace of mind.

That said, there are several products – as listed in the article – that might better suit your practice’s account management, at the expense of HIPAA compliancy. Furthermore, data confidentiality is still at the discretion of the practice, and even the most secure products do not guarantee that you won’t encounter problems.