Success in the healthcare industry depends on the quality of patient care and treatment outcomes and the financial strength of the organization. An inefficient, poorly managed facility cannot provide quality health care for long. Similarly, if you are unorganized, with too many accounting & financial loopholes, you cannot accelerate your ability to focus on patient care.
Financial success suffers when there are inefficiencies in financial & accounting management and unnecessary overhead expense. Additionally, it gets difficult to offer quality care with inaccessibility to critical data required for proper diagnosis and treatment. Not only this, but without a high-performing accounting solution, it is difficult to manage sensitive information for HIPAA compliance.
Health care software packages are designed to help medical facilities meet these challenges.
1. Intacct
Medical providers need an accounting solution that addresses the growing regulatory compliance requirements while providing quality health care. Intacct is one such accounting software for healthcare providers that enables you to automate financial and accounting processes for greater efficiency, eliminating time-consuming and error-prone manual work. As your organization scales, you can seamlessly track and monitor performance while keeping financial processes running smoothly.
Get improved visibility over your processes and records to improve operational and financial processes. With web-based access, Intacct ensures that your remote managers can easily conduct transactions anywhere, anytime. The software is designed with great revenue receivable schedules, so you can recognize revenue easily, without the need for tracking it on a spreadsheet.
Cons: It is not the most flexible accounting software on the market. It’s the inability to change certain entries that makes things a little difficult. Moreover, it does not allow merging accounts and departments for a more streamlined chart of accounts. Greater flexibility to make changes would be welcome.
2. NetSuite
The accounting software for healthcare is designed to help your medical facility adapt to the changing healthcare & life sciences landscape. The web-based accounting management suite helps healthcare providers meet the challenges and minimizes complexity and improves real-time visibility over processes and access to business data while enabling you to remain agile in the wake of a massive change.
With up-to-date data records and a full suite of audit trails, NetSuite can make better & timely decisions, configure processes & workflows, and make adjustments. The healthcare management solution comes with comprehensive ERP/financial capabilities that help you become more productive with real-time tracking and seamlessly integrate with your sales, and back office processes.
Cons: Customization of reports can be challenging, as you need to know the exact field name and location.
3. Xledger
A financial accounting package, Xledger is a cloud-based enterprise resource planning (ERP) solution with payroll & medical billing, reporting, workflow collaboration, donor management tools, and accounting management practices. The module solution allows you to choose a specific module for your business, with the option of scalability, which means the product can be expanded with the expansion in your business and increase in requirements.
The accounting software for healthcare and social services is designed to address the ever-evolving regulatory environment. As a scalable solution, the application allows you to seamlessly manage and monitor the financial status of the organization anywhere anytime.
Cons: The software is available only as a web-based application.
4. Sage ERP X3
The intuitive yet flexible enterprise resource planning application is designed with industry-specific functionality to enable healthcare providers to maintain their competitiveness whilst complying with regulatory requirements. Sage X3 supports provides automated support to these organizations to fulfill their mission-critical functions, including weight calculations, formulation management, etc., while also delivering exceptional patient care.
The application can seamlessly integrate with third-party solutions and scale to thousands of users to meet your growing business requirements. The system can also cater to other essential requirements of the healthcare industry, such as shelf-life and traceability, which are flawlessly managed within the system.
Cons: The system’s human resource module is weak and needs improvement for a better user experience.
5. SAP Business One
The robust functionality of this ERP solution allows easy collaboration and access to information, featuring all business modules to streamline operations. Real-time reporting makes SAP Business One the leading accounting software for social services and healthcare organizations, allowing for quick decision-making.
The application supports an array of functionalities, including business intelligence, supplier relationship management, enterprise resource planning, and customer relationship management. SAP Business One can easily integrate with other SAP products and third-party applications, so you can flawlessly manage every aspect of your business, including accounts payable and receivable.
Cons: The application is a little complex to use for new users, so you need time to get a hang of its dashboard and other functionalities.
Wondering which is the best accounting software for healthcare business? Let us help. At ITQlick, we can guide you through the software selection process for this highly regulated industry. Get in touch with us today.