The Law of Large Numbers in Medical Cost Sharing

One medical incident can cost thousands of dollars; a sum that doesn't fit into the most household budgets. However, rather than trying to manage these expenses alone, individuals can come together to take advantage of the law of large numbers, a mathematical principle that has significant implications for healthcare.

The law of large numbers says that the more times a process is carried out, the closer to the expected average the results become. For example, when flipping a coin, the expected average is to get heads half the time and tails half the time, but in just 10 coin flips, it would not be too extraordinary to end up with 3 heads and 7 tails. However, if a coin was flipped 1,000 times, the result would be much closer to the 50/50 average that was expected.

Where healthcare is concerned, the law of large numbers can be applied to the medical costs of people who come together as a group, such as the membership of Liberty HealthShare.

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What To Do If You Ever Need Surgery

In the town of Hutchison, Kansas there is a little known, exciting secret. And it's not just in Hutchinson. It may be in your town too. It could be a place you pass every day without realizing what it could be doing for you. What is it? A surgery center. 

Surgery centers are medical facilities that provide outpatient surgeries and other short-stay procedures. You may or may not be aware that most outpatient procedures can be performed in local surgery centers.

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Don't Become A Victim Of Balance Billing

What Liberty HealthShare members should do if they find themselves in this predicament. 

The Liberty HealthShare payment schedule to medical providers has been shown to be a simple and fair system. However, even after accepting payment for service, some medical providers engage in what is called balance billing.

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Update on Credit Card Transactions

Making Liberty HealthShare cost sharing better and more efficient.

To save our members on banking fees and to bring more efficiency to our sharing systems, we are moving to a single monthly debit/credit card transaction, rather than two per month.

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