The selected healthcare organization is Imaging Diagnostic Systems, Inc., a Florida-based company producing non-invasive breast imaging systems. Today, breast cancer has become widespread, and patients need more safe and painless options for imaging and diagnosing. Therefore, the company should plan its budget toward innovations, research, and development to have a competitive advantage in the imaging systems sector.
Significant opportunities for Imaging Diagnostic Systems, Inc. exist in the change of approach to diagnostic systems production and the introduction of diversification. The present market of breast imaging equipment is rival-abundant. Moreover, many competitors are reliable international corporations that have recognized brand names. Thus, there is a need to obtain a competitive advantage, at least in the domestic market. Another opportunity concerns the problem of non-ambulant severely ill patients and diagnosing oncological complications. The issue is that instrumental examination of such patients is associated with particular risks and costs, so it is crucial to make imaging safer, which relates to more patient-oriented decisions in the healthcare industry.
Given this, the budget proposal should focus on research and development to boost organizational innovations. The described environment provides the opportunity to shift from area-based and volumetric density measurement systems to AI-based ones because they can learn the complex peculiarities of objects and allow for more precise diagnoses (Pawar et al., 2022). Since AI-based equipment is currently under clinical trials, Imaging Diagnostic Systems, Inc. can launch its own development and production of advanced imaging systems (Pawar et al., 2022). In addition, it is vital to understand that in the organizations like Imaging Diagnostic Systems, Inc., the budget can be determined accurately due to the engineering specifications of innovative equipment (Young, 2022). Moreover, there is an opportunity to diversify the products and develop equipment for bedside imaging to address the needs of severely ill patients.
Finally, despite having numerous competitors, Imaging Diagnostic Systems, Inc. can put efforts into planning a capital budget that will enhance capabilities for research and development and innovations. As one can see, opportunities emerge from challenges such as competitors and the needs of severely ill patients. Thus, the budgeting proposal concerns introducing the development of AI-based imaging equipment and bedside imaging.
References
Pawar, S.D., Joshi, P.T., Savalkar, V.A., Sharma, K.K. and Sapate, S.G. (2022). Past, present and future of automated mammographic density measurement for breast cancer risk prediction. Journal of Physics: Conference Series, 2327(1), 1-12. Web.
Young D. W. (2022). Note on operational budgeting in health care. TCG321-HCB-ENG. Web.