The company is eligible for a $750,000 loan through the Wisconsin Economic Development Corporation (WEDC), Gov. Scott Walker announced. The five-year loan by WEDC will be used for working capital.
Fi-Med Management is a financial management firm providing claims, coding, billing, lockbox and financial reporting services to the medical industry. The company said it wants to be the first to market with their new software that can save "millions of dollars" for medical facilities and doctors' clinics, according to Walker's announcement.
The software uses sophisticated algorithms to help hospital compliance offers determine areas that are resulting in over-charging or under-charging, said Adrian Velasquez, president of Fi-Med.
The process is normally extremely lengthy, but with the new Fi-Med software, "we can identify that in less than two minutes," Velasquez said.
Fi-Med will be hiring a variety of employees to push the software application into the marketplace including mathematicians, designers and artists. The artists are needed so the software can help compliance officers convey the complex information that they need to report, said Jared Krawczyk, chief product architect for Fi-Med.
"This is the creative technology that health care is missing," he said. "We take a creative approach to analytics."
The company, which currently has 65 employees, will hire at least 57 more employees this year, "but I think its actually going to be far more than that," Velasquez said.