Epic Systems’ Judy Faulkner: The Billionaire Who Defied Tech’s Rules and Built a Healthcare Empire
VERONA, WI – “Do not go public. Do not acquire or be acquired.Software must work.” These aren’t aspirational slogans; they are commandments, emblazoned across the bathrooms and breakrooms of epic Systems, the healthcare software giant quietly dominating the industry from its sprawling 1,670-acre campus in Wisconsin.
For 46 years, Judy Faulkner, 82, has steered Epic away from the conventional paths of Silicon valley, building a $5.7 billion revenue empire on a foundation of unwavering principles and a relentless focus on the product. She’s a rare breed – a female tech founder often compared to Bill Gates and Willy Wonka rolled into one – who has eschewed venture capital, public markets, and acquisitions, prioritizing long-term vision over quarterly returns.
Faulkner’s approach has made her a billionaire (Forbes estimates her net worth at $7.8 billion,ranking her 430th globally) and Epic the undisputed leader in electronic health records (EHR). Approximately 42% of acute care hospitals in the U.S. rely on Epic’s software, substantially outpacing competitors like Oracle Health (23% market share, according to Klas Research). Epic’s technology touches the lives of 325 million patients worldwide.
A Culture of Quirks and Commandment
Working at Epic isn’t typical. Beyond the unusual commandments, moast of the company’s 14,000 employees gather monthly in a cavernous, underground auditorium nicknamed “Deep Space” for a mandatory “work church” meeting. Executives deliver company updates, but also lead grammar lessons – debating the proper use of prepositions and “who” versus “whom.”
This dedication to detail and a unique company culture are hallmarks of Faulkner’s leadership. She founded Epic in a Wisconsin basement in 1979, driven by a desire to improve patient care thru better technology. Unlike many of her peers, Faulkner deliberately chose a location far removed from the tech hubs of Seattle and Silicon Valley.
“I’ve described her as a female cross between Bill Gates and Willy Wonka,” says Dr. Eric Dickson, CEO of UMass Memorial Health, an Epic customer. “She’s incredibly brilliant and focused, but also has a whimsical side.”
defying the Silicon Valley Playbook
Faulkner’s aversion to outside investment and an IPO is deeply rooted in her observations of the public market. “They were vitriolic, in many cases, because the only thing they were looking at was return on their investment,” she told CNBC. “Sometimes, there’s a lot more than that.”
This philosophy has allowed Epic to prioritize its core mission – building robust,reliable software - over the pressures of shareholder expectations. It’s also meant Faulkner has retained important control of the company, owning 43% of Epic.Numerous attempts to acquire Epic have been rebuffed.Former General Electric CEO Jeff Immelt recounted a five-minute meeting with Faulkner where he proposed a deal, only to be told, “Just leave your car running.” faulkner confirmed the story,stating,”Others have asked to come and persuade us,and I’ve heard our staff say,’Just leave your car running.'”
Succession Planning: Ensuring Epic’s Future
As Faulkner celebrates her 82nd birthday, the question of succession looms large. She has a plan in place to ensure Epic remains privately held and true to its founding principles long after she’s gone.
Her voting shares will be transferred to a trust governed by a committee comprised of her husband, children, and five longtime Epic employees. Crucially, committee members are prohibited from voting to take the company public or sell it. A separate “Trust Protector Committee” of three healthcare leaders – all Epic users – will have the power to sue committee members who violate the trust’s rules.
While Faulkner remains tight-lipped about her eventual successor, Sumit Rana, the company’s president, is widely considered the frontrunner. rana, a 49-year-old Epic veteran who helped build the popular MyChart patient portal, has taken on a more prominent role in recent months.
A Legacy of Independence and Impact
Faulkner’s journey is a testament to the power of independent thinking and a commitment to a long-term vision. She’s built Epic into the most powerful technology company in U.S. healthcare, despite - or perhaps as of – her refusal to conform to conventional business practices.
“Just have the guts to do what you know is the right thing to do,” Faulkner advises.
And she’s pledged to give away 99% of her wealth to charity, solidifying her legacy as a tech leader who prioritized purpose over profit.
Key Takeaways:
Epic systems dominates the EHR market: Holding 42% of the U.S. acute care hospital market share.
Judy Faulkner’s unconventional leadership: She has built a $5.7 billion company without venture capital or going public.
Unique company culture: Epic is known for its quirky traditions and strict adherence to its founding principles.
Robust succession plan: Ensures Epic remains privately held and independent after Faulkner’s departure.
SEO notes:
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Google Top Stories Potential: The article focuses on a prominent figure in a relevant industry (healthcare tech), features new details (succession planning, Faulkner’s philosophy), and is well-written and optimized for search.
