Which software platform is the “system of truth” at your practice? Many healthcare organizations primarily run out of their Electronic Medical Records (EMR) software or case management system. Such solutions can handle operations, billing, and so much more, making them keystones for any healthcare software architecture.

However, EMRs don’t usually have strong financial functionality across the board; capabilities may be weak for payables, purchasing, fixed assets, and other accounting tasks. So, while EMRs are great for your organization at large, your accounting team may struggle to work as efficiently and effectively as possible. Medical financial software provides specialized functionality to keep your practice running smoothly.

Best-in-class solutions

Best-in-class software exists for scenarios just like this one, where a company needs software to handle a specific area of business as opposed to several areas. If you just need accounting features to pair with an otherwise effective EMR, a best-in-class solution like QuickBooks or Sage Intacct could be a good fit. The best accounting software for your medical practice may depend upon the size of your organization and the scope of your financial responsibilities. How do QuickBooks and Sage Intacct compare for healthcare professionals?

Small businesses have benefited from QuickBooks since 1983, and its developer, Intuit, has ensured the product can help a variety of organizations across various industries. With its deep financial functionality, QuickBooks can keep any healthcare provider’s small practice running, from orthodontists to psychiatrists to chiropractors. Not only can QuickBooks handle internal tasks like payroll and benefits, but it can also improve the patient experience through billing and insurance management.

Sage Intacct is a cloud-based accounting solution for growing and mid-sized businesses. Sage Intacct lets users generate custom reports and manage accounting responsibilities on one easy-to-access platform. It’s particularly popular for its dimensional reporting capabilities, which create digestible charts of accounts, and its multi-entity and multi-location management, which streamline consolidated reporting. And, because it was built specifically for cloud deployment, Sage Intacct offers users easy access to data and insights anytime, from anywhere.

Are those the only options?

QuickBooks and Sage Intacct aren’t the only best-in-class accounting solutions out there, but they’re two of the highest-rated and most popular. Of course, there are other big-name solutions like NetSuite, but unless you’re looking specifically for a suite solution with accounting capabilities, these products probably won’t be the best fit. Keep in mind that best-in-class healthcare accounting software is specifically designed to offer the level of depth that practices require. You’ll get the accounting functionality you need to supplement your EMR system in the areas where it may be lacking, and you won’t disrupt your business by installing a new solution that impacts teams across your organization. 

Which solution is best for me?

If you’re a small business, QuickBooks is a great starting point and a cost-effective way to streamline the financial aspects of your profession. If you’re a mid-sized business or you anticipate growth in your number of patients, practitioners, or services offered, Sage Intacct might be for you. In addition to supporting growing healthcare organizations, Sage Intacct is both GAAP and HIPPA compliant. 

Cargas is proud to be a Sage Intacct Premier Partner. Many of our expert consultants are CPAs and former CFOs and controllers with a deep understanding of healthcare accounting and the power of Sage Intacct.