Which Two Do You Pick? - Good/Cheap/Fast

You have probably heard of the Iron Triangle of Service.  Sometimes it is called the Triple Constraint or the Project Triangle.  The triangle works like this.  There are three key points: good, fast, and cheap. You can have two of these for any service or project but never all three.  So, which two would you choose?

Good and Cheap

No one has ever said they want lousy work, so good is likely your first choice.  Good work takes time and doesn’t cut corners.  It requires more training and experience.  Good work pays for itself and is less costly in the long run. 

You might not want to say cheap, but let's face it, everyone wants the lowest price, the deal. Cheap, shoddy work performs worse and is slower because the right resources aren’t allocated.  Choosing cheap is common because it seems like you will be saving money.  But if cheap means slower or more errors, you haven’t saved money, and your cash flow suffers.  If you have had to do some of the work yourself, you have lost time you could have spent building your practice.  You may have saved cash, but that doesn’t mean it wasn’t costly to your business.

So Good + Cheap ends up being expensive, and in the worst case, it is so slow, or you and your staff are doing so much of the work, e.g., working denials.

Good and Fast

Fast has some benefits, but not if it is error-prone.  When it comes to medical billing, much of the work can be done fast, resulting in improved cash flow and lower days in AR. Still, if claims are being scrubbed and denials are being worked, patient payments are being collected, and appeals are filed, then that process will be slower and out of the control of the billing team.

You Get What You Pay For

Anyone who lets price be the determining factor is sacrificing quality.  You are being misled if you are promised the world for a low price.  Don’t risk your practice on the cheapest.

Good and cheap will be costly. But you don’t have to pick the most expensive either.  That isn’t a guarantee of quality. Pick something in the middle that has a proven track record and the resources to deliver what your practice deserves. You can be the best provider in the state, but if you can’t bill and collect, you won’t be in business very long.