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.
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.
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.
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
