Mental health care providers worry about many things, but the third-party billing process is not one of them. Few practices have a staff person who manages this aspect of provider management. Today, however, more and more mental health professionals use accounting software to handle this.
To learn about the advantages of accounting software for mental health professionals, I created the list of best programs on the market with their pros and cons.
Our Top 5 Accounting Software For Mental Health Professionals
1. Best Overall: SimplePractice
SimplePractice is an easy-to-use accounting software created with the mental health professional in mind. It has features like invoicing, estimating, billing, and collections management. So, if you are a mental health professional looking for accounting software that doesn’t require a Ph.D. to use, SimplePractice could be the perfect fit.
- Easy to use, it is easy on the eyes and doesn’t require any technical upgrades. You can use it on your laptop or desktop computer, and you don’t have to worry about a complicated installation process.
- SimplePractice has been designed for usability. It has an intuitive interface that allows you to get your tasks done faster. A feature that helps you with even the most complex tasks is its built-in help feature, giving you a detailed guide about a certain feature in detail. You can use it as a quick reference guide.
- You don’t have to be a certified accountant to use SimplePractice. It is specially created with mental health professionals in mind. So if you are someone who doesn’t like to do complicated things or have a hard time understanding accounting software, SimplePractice might be the accounting software for you.
2. Best Customer Support: RXNT
If you work in mental health, the chances are that you use an accounting software program to track your patients and their finances. These programs can be beneficial tools, but they can also get complicated quickly. Plus, it’s easy for errors to slip through the cracks when it comes to using them daily. That’s where RXNT software comes in.
This online accounting software offers plenty of features that will allow you to handle everything from billing and collections support to conducting your financial audits.
You can use RXNT to track an unlimited number of patients, and you can even add custom fields for patient demographics, as well. In addition, the program is designed to help you recognize revenue in real-time, so you’ll always know how much you’re earning. And if you’re tasked with conducting financial audits, the program will save your audit logs and track your compliance with standards any time they come under review.
RXNT comes with a top-notch internal messaging tool that will automatically send reminders to patients who owe past due balances. It also offers a phone call function that alerts the user when new messages are reviewed and answered. This feature helps ensure that nothing falls through the cracks.
3. Best Customizable Option: TheraNest
TheraNest is accounting software for mental health professionals. Unlike many other programs, TheraNest is explicitly designed for therapists and the unique needs of their business. TheraNest provides powerful yet intuitive tools to prepare invoices, track time, write professional progress notes, generate billing database reports, and more.
TheraNest is a comprehensive tool designed to help you be more efficient, save time and increase revenue. TheraNest is not the typical software that offers only one or two functions, such as billing and scheduling. Instead, TheraNest provides various modules to help you do what you do best; seeing clients, treating patients, and providing outstanding services.
4. Best for Behavioral Health Practice: TherapyNotes
TherapyNotes is an all-inclusive, cloud-based service designed specifically for today’s mental health practitioners. It will help you manage various aspects of your business at a fraction of the cost of traditional practice management solutions. In addition, TherapyNotes offers a complete suite of features that can be configured to meet your needs precisely – and it can even be customized to use the language you’re most comfortable with.
TherapyNotes is a complete solution that can be used to manage your business. This includes billing, patient records, appointment scheduling, and even reminders and follow-up information.
- Billing, including a collection of insurance payments.
- Pricing transparency and reporting capabilities – including detailed invoices, payment records, collections, and more.
- Advanced inventory management can track emergency supplies and inventory that you require for each provider type. You can even set up automatic replenishment orders for your providers, so they don’t run out of what they need.
- Patient notes that include education information, history, medication information, and more.
5. Best Easy-to-Use: InSync Healthcare Solutions
InSync Healthcare Solutions is committed to making the lives of mental health professionals easier. That’s why they have a suite of powerful, cloud-based accounting software designed exclusively for therapists and psychologists.
Create invoices in seconds with no need to manually enter time or any other information. Get accurate billing at the end of every session so you can focus on your client instead of your finances.
Streamline payments with clients by using e-billing and e-payments. No more checks to sort, deposit, or process.
I will guide you through purchasing the accounting software for mental health professionals with a list of questions to ask, a detailed description of what to consider, and step-by-step instructions.
Features Of Accounting Software For Mental Health Professionals
The software that mental health providers use today is quite different from the accounting programs used at that time. The software has become much more sophisticated. One of the most noticeable differences is in the ease of using the program. They now have drop-down menus, editing windows, and other features that make inputting information easier, reduce errors and show you what is required for your tax return.
Some of these advanced features include:
- Word processing features.
- An automated calendar enabling you to enter appointments with clients and reminders for future events.
- The ability to create a professional letter for services rendered or billing statements.
- Accounting tools include the ability to categorize accounts into various practice areas such as therapy, group, school screenings, etc.
Are Mental Health Professionals Use Accounting Software?
According to a study done by the Massachusetts General Hospital, many mental health professionals are using accounting software to track the costs of their patients’ services. This is largely because these professionals need more time to actually speak with their patients than they do for managing paperwork. These advances in technology are also helping prevent reimbursement losses.
What Is The Best Accounting Software For Mental Health Professionals?
SimplePractice makes the best accounting software for mental health professionals. It is easy to set up, powerful, and reliable. It has many other great features that you can use to get your job done faster and more accurately. If you need software for your mental health office, this is the program to choose.
Is Theranest Good For Accounting?
The answer is yes; having the Theranest model can be very helpful for accounting for mental health professionals. The Theranest is also compatible with different types of businesses. It will work well in companies that offer multiple products or services, but most importantly, it will positively impact financial performance.