Even though X-ray mammography is considered the 'gold standard' for breast cancer screening, it has limited diagnostic value in certain populations, one example is women with high density breast tissue. MRI appear's to be a worthy screening alternative for all the cases where X- ray mammography is inadequate. Significant evidence shows that MRI has higher sensitivity and specificity than mammography; its current high exam cost, however, prohibits its use in screening. Recent technological innovations promise low-cost MRI scanners with minimal performance loss. I will test the hypothesis that low-cost MRI devices are a cost-effective alternative for breast cancer screening. Since no trials have yet been completed that will enable me to investigate the utility of MRI screening by traditional methods, my conclusions will be based on a probabilistic outcome derived from a sensitivity analysis. My research methodology will be divided into three phases. In the first phase, I will derive a probabilistic outcome for an asymptomatic woman being screened for breast cancer under conventional methods. In the second phase, I will evaluate the cost-to-performance ratio for various MRI technologies when applied to breast imaging. Using the results of the first two phases in the third phase, I will determine the cost-effectiveness of low-cost MRI technologies for breast cancer screening.