Bravo! Entrepreneur Award winners – 2007: Adrian Velasquez, Fi-Med Management Inc., Milwaukee

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When Adrian Velasquez and his partner, Christine Krause, formed Fi-Med (Financial Medical Management) in 1993, the Milwaukee-based health care financial management firm began as a modest operation in a basement with a very small cash infusion.

Today, the business employs more than 40 people and is completing renovations of its 13,000-square-foot office after a $2 million revenue year in 2006.

This is consistent with Fi-Med’s growth over the last three years. This year, Fi-Med is on track for 37-percent revenue growth.

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Velasquez’s background and business acumen led him to focus on the $1.9 trillion health services market, specifically medical billing for physician practices and labs.

His business lost money its first year and only made $5,000 in its second year.

“Banks wouldn’t loan them any money, and he and his partner didn’t take a salary the first few years to help ensure the business’ viability,” said Caryn Melton, vice president of Milwaukee-based Primum Marketing Communications, which represents Fi-Med.

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Velasquez’s says his role in the company is a flexible one. He takes charge when a team is forming but plays coach when a team is managing itself well. He delegates and makes himself available as a troubleshooter.

“Adrian believes Fi-Med has a social responsibility to make the world a better place and to leave a legacy,” Melton said.

To achieve this, Fi-Med funds scholarships for students studying the Entrepreneur Program at the University of Wisconsin-Milwaukee. Fi-Med also participates in a business career partnership program at Milwaukee South Division High School, which provides seniors the opportunity to gain business experience, required credits and earn an hourly wage.

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In addition, Velasquez supports UWM’s Bilingual Entrepreneurship Summer Youth Camp, which provides Latino children the opportunity to learn to write a business plan, meet professional entrepreneurs and nurture enthusiasm.

 

Address: 7620 W. Center St., Suite 202, Milwaukee
Web Site: www.fimed.com
Industry: Medical financial management
Revenues: $2 million
Employees: 40

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