Assignment: Capital Budgets

Assignment: Capital Budgets

Assignment: Capital Budgets

Submit a draft proposal for Section I, parts C and D (see below). Using the approved healthcare organization and the information you have gathered, identify the
capital budget item or items that will be used as the basis for the written capital budget proposal. You should include how the proposal recommendations reflect
the big-picture view of healthcare.

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Specifically the following critical elements must be addressed:
I. Introduction
C. Opportunities: Based on your analysis of the major forces, impacts, and opportunities provided, consider the specific organization that you
selected. What opportunities exist for this organization, and how do these opportunities relate to the big-picture view of healthcare?
D. Proposal: What is your proposal for addressing identified issues or improvements within your organization? In other words, what changes are
you trying to incorporate in your selected organization?
Guidelines for Submission: Your paper must be submitted as a Microsoft Word document and should be a minimum of one page in length with double spacing,
12-point Times New Roman font, one-inch margins, and at least two sources cited in APA format.

Link of healthcare organization :
https://www.sec.gov/ix?doc=/Archives/edgar/data/1022079/000102207922000027/dgx-20211231.htm

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Capital Budgets

The paper evaluates the functionality of Quest Diagnostic Incorporated, a global leader in diagnostic information services providers. The healthcare organization plays an important role in society, especially ensuring that people take the appropriate measures to improve their health outcomes. Through the organization originating from the global clinical lab results database, their diagnosis offers new avenues that medical practitioners can use to identify and treat diseases while helping the patient population to engage in healthy behaviors that can positively impact their healthcare outcomes. Hence, those who may use the Quest’s diagnostic insights appropriately will always participate in transforming lives and inspiring actions. The paper will evaluate Quest Diagnostic Incorporated opportunities and proposals to address the identified issues.

Quest Diagnostic Incorporated Opportunities

Quest’s main opportunity is to provide effective diagnostic approaches and insight concerning health plan access. From Quest’s point of view, health plan access is an opportunity to help the organization strengthen its relationship with different health plan providers to increase its services by providing effective value propositions to clinicians and members. Such collaboration with health plan providers will enable the organization to steer forward different societal initiatives that will help close gaps and eliminate disparities among various patient populations. That can be witnessed through the various initiatives like the Quest for Health Equity that aimed at bridging the gap facing underserved populations during the Covid-19 period.

Quest has an opportunity to grow its advanced diagnostics, where they project the growth to be over 8% yearly (United States Securities And Exchange Commission, n.d). Such projections rely on the growth experienced by Quest after adding  Biocept Inc.’s liquid biopsy test that is essential for non-small cell lung cancer. The main way that Quest aims to grab the opportunity is by enhancing their advanced diagnostics through the innovation capabilities that will help them strengthen their sales to attract more independent delivery networks like hospitals and clinicians. Also, engaging in consumer-related testing is a great opportunity for Quest. Over the years, the company has engaged its customers with consumer-friendly services when providing diagnostic information services. However, they need to research more effective ways to enhance the consumer experience, like enhancing the MyQuest app that enables them to attain consumer feedback.

Proposal to Address the Identifies Issues

The main challenge faced by Quest is the political and legal implication that impairs the organization’s full function. The political risks are experienced both in the US and international markets, especially when government imposes unreasonable taxes on foreign countries. In such a case, these taxes may impair how Quest offers its services to its target customers. In that case, Quest should be evaluating the different countries’ laws and regulations and how these laws can impact the overall functionality of the company. Another risk concerns Quest’s intellectual rights to the system. For instance, in 2019, Quest experienced an issue when a third party accessed their system, thus risking medical, financial, and personal data. The issue happened due to a data breach, thus risking its customer’s data safety. Quest should always ensure they engage in two-factor authorization and regular password changing in such a case (Wang et al., 2018). Also, they need to prioritize managing the systems regularly by employing IT personnel that may easily detect such data breaches.

Conclusion

Quest Diagnostic Incorporated is an essential organization to the global clinicians and the independent delivery network. That is because the company provides great insight that helps their target customers to provide effective healthcare services to the patients, thus improving their healthcare outcomes. In that case, Quest’s main opportunities include health plan access, growing its advanced diagnostics, and engaging in consumer-related testing. On the other hand, the issue that requires change concerns legal and political implications that Quest can address through assessing the geographical areas they invest in and complying with the legal requirements.

References

United States Securities And Exchange Commission (n.d). Annual Report Pursuant To Section 13 Or 15(D) Of The Securities Exchange Act Of 1934. https://www.sec.gov/ix?doc=/Archives/edgar/data/1022079/000102207922000027/dgx-20211231.htm

Wang, D., Li, W., & Wang, P. (2018). Measuring two-factor authentication schemes for real-time data access in industrial wireless sensor networks. IEEE Transactions on Industrial Informatics, 14(9), 4081-4092. DOI: 10.1109/TII.2018.2834351