U-M Startup Decimal Code Celebrates Licensing with Bell Ringing Ceremony
On May 2, 2023, Innovation Partnerships celebrated the licensing of University of Michigan (U-M) software startup Decimal Code with the ringing of the startup bell. Several of Decimal Code’s founders and key members were in attendance both in-person and virtually, including co-founder and chief executive officer Joey Panella, co-founder and chief technology officer John Vandervest and co-founder and chief medical officer Michael Burns.
Decimal Code is a medical coding company aiming to utilize artificial intelligence to automate medical billing and optimize repayment effectiveness by minimizing lost revenue generating opportunities. Officially founded in the spring of 2023, the research team’s began working with Innovation Partnerships with their first invention disclosure in 2018.
Since its inception, Decimal Code has worked closely with Innovation Partnerships and its partner programs to commercialize their invention. This support came in many forms, having received entrepreneurial mentorship through the Tech Transfer Talent Network (link) program, Accelerate Blue Fund engagement and an MTRAC Life Sciences Innovation Hub award to fund a two-year pilot with the department of anesthesiology at U-M. This support helped the team build connections with stakeholders across the local innovation ecosystem, including from local economic development group Ann Arbor SPARK.
In 2022, a patent was awarded to U-M for Decimal Code’s underlying invention. Looking into the future, Decimal Code’s goal is to continue developing its technology, with a specific focus on Current Procedural Terminology (CPT) coding for prior authorization models, surgery and anesthesiology.