Imagine launching a company in a basement with just a handful of dollars and a dream, only to watch it grow into a multi-billion-dollar empire that transforms an entire industry. That’s the story of Judy Faulkner, the 82-year-old CEO of Epic Systems, a healthcare software giant that’s reshaped how hospitals and clinics manage patient data. Her journey is a masterclass in sticking to your guns, building a unique culture, and proving that you don’t need Silicon Valley’s flash to make a global impact. So, how did this math-loving, self-proclaimed “accidental CEO” do it? Let’s dive into the story of Epic’s rise and the woman who made it happen.
The Visionary Behind Epic Systems
Judy Faulkner didn’t set out to become a billionaire or a tech titan. She started Epic Systems in 1979 with a modest $70,000 and a passion for solving real-world problems. Her goal? Create software that makes healthcare more efficient. Fast forward 46 years, and Epic’s electronic health record (EHR) systems are used by 42% of U.S. acute care hospitals, touching the lives of 325 million patients worldwide. That’s no small feat for a company that’s stayed fiercely independent, shunning venture capital and public markets.
“Why be owned by people whose interest is primarily return of equity?”
– Judy Faulkner, reflecting on her decision to keep Epic private
Faulkner’s philosophy is simple yet radical in today’s tech world: focus on the product, not the stock ticker. By staying private, she’s avoided the pressure of quarterly earnings and kept Epic’s mission front and center. It’s a bold move that’s paid off, with the company generating $5.7 billion in annual revenue and earning her a spot on Forbes’ billionaire list with a net worth of $7.8 billion.
A Campus Like No Other
Step onto Epic’s 1,670-acre campus in Verona, Wisconsin, and you’ll feel like you’ve wandered into a tech-fueled wonderland. The office buildings are themed after storybooks—think Wizard of Oz and Alice in Wonderland—complete with a slide that drops employees into an upside-down room. There’s even a treehouse and a faux chocolate factory. It’s quirky, sure, but it’s also strategic. Faulkner designed this Intergalactic Headquarters to attract top talent to the Midwest, far from Silicon Valley’s hustle.
- Themed offices: Buildings inspired by literary classics create a playful yet productive vibe.
- Artistic touches: Faulkner personally sources art from local fairs, adding personality to every corner.
- Deep Space auditorium: A monthly “work church” where employees gather for updates and, yes, grammar lessons.
This whimsical environment isn’t just for show—it’s a magnet for young talent. Epic recruits heavily from colleges, training fresh graduates to take on big responsibilities. But it’s not all fun and games. Former employees describe long hours and high expectations, with some calling the workload “all-consuming.” Still, Epic’s turnover rate is a low 7%, suggesting that many thrive in this unique culture.
Commandments That Define a Culture
Every company has a mission statement, but Epic takes it to another level with its 10 commandments, plastered across bathrooms and breakrooms. The top three? Don’t go public, don’t acquire or be acquired, and make software that works. These aren’t just slogans—they’re the backbone of Epic’s identity. Faulkner’s aversion to public markets stems from her belief that shareholders prioritize profit over purpose, a view she formed after studying public companies’ vitriolic investor comments.
“Just have the guts to do what you know is the right thing to do.”
– Judy Faulkner on her leadership philosophy
I’ve always admired leaders who stick to their principles, even when it’s not the easy path. Faulkner’s refusal to bow to Wall Street’s pressure is a testament to her conviction. It’s refreshing to see a CEO prioritize long-term vision over short-term gains, especially in an industry as critical as healthcare.
Dominating the EHR Market
Epic’s flagship product, its EHR software, is the gold standard in healthcare tech. Used by 3,300 hospitals and 71,000 clinics, it’s a digital lifeline for managing patient records. But it’s not without critics. Some doctors and administrators grumble about the user experience, calling it clunky or hard to navigate. Others point to issues with interoperability—the ability to share data seamlessly with other systems. Epic counters that with half a million clinicians using its software, experiences vary widely.
| Company | Market Share (U.S. Acute Care Hospitals) | Key Strength |
| Epic Systems | 42% | Dominant EHR platform, customer support |
| Oracle Health | 23% | Acquisition-driven growth |
Despite the critiques, Epic’s dominance is undeniable. All 20 of the top U.S. hospitals, according to U.S. News & World Report, rely on Epic. The company’s secret sauce? A laser focus on customers. CEOs of major health systems praise Faulkner’s accessibility—she responds to emails within hours and holds regular calls to address their needs. Each client gets a dedicated “BFF” (best friend forever) to troubleshoot issues, a personal touch that sets Epic apart.
The Succession Plan: Keeping Epic Private
At 82, Faulkner is still at the helm, but she’s not ignoring the future. Her succession plan is as unconventional as her leadership style. Her voting shares will transfer to a trust governed by a committee including her husband, three children, and key Epic employees. The catch? The committee is barred from taking Epic public or selling it. A separate Trust Protector Committee, made up of healthcare leaders, ensures the trust follows her rules—or faces legal action.
Who’s next in line to lead? Many point to Sumit Rana, Epic’s 49-year-old president and a company veteran since 1998. Rana, who helped build Epic’s patient portal MyChart, has taken on more visible roles recently, hinting at his potential as Faulkner’s successor. When asked, Faulkner calls him “wonderful” but keeps the company’s plans close to the chest.
“Sumit is a wonderful employee, and he would make a good CEO, but we’re not publicly announcing anything.”
– Judy Faulkner on succession speculation
Honestly, I find Faulkner’s approach to succession fascinating. It’s rare to see a founder plan so meticulously to preserve their company’s DNA. By locking in Epic’s private status, she’s ensuring her legacy endures, even if it means passing up bigger payouts.
A Legacy of Giving Back
Faulkner’s wealth isn’t just about numbers—it’s about impact. In 2015, inspired by a dinner with Warren Buffett, she signed The Giving Pledge, committing to donate 99% of her fortune to charity. Her Roots & Wings foundation, run by her daughter, supports low-income families and children. Faulkner sells her nonvoting shares back to Epic, channeling the proceeds directly to the foundation. “I’ve never cashed a single share for myself,” she says, a statement that underscores her commitment to purpose over profit.
- Roots & Wings: Funds nonprofits aiding low-income communities.
- The Giving Pledge: A promise to donate nearly all her wealth.
- Family involvement: Her daughter leads the foundation’s efforts.
This focus on giving feels deeply personal to Faulkner, whose parents shaped her values. Her mother, a peace activist who protested nuclear arms into her 80s, inspired Faulkner’s grit. “I’m my mother’s daughter,” she says, reflecting on tough decisions. It’s a reminder that behind the billions and the tech empire is a woman driven by principle.
Navigating Controversy
No company dominates an industry without ruffling feathers, and Epic is no exception. Recent lawsuits accuse the company of anticompetitive practices, alleging it uses its market power to stifle startups. Critics also argue Epic’s software can be territorial, making it hard to share data across systems. Faulkner’s team pushes back, emphasizing their commitment to interoperability through tools like Care Everywhere and EpicCare Link.
Look, no software is perfect, especially in a field as complex as healthcare. But Epic’s track record—used by the nation’s top hospitals and health plans—speaks for itself. The real question is whether the industry can balance innovation with collaboration, and Epic seems to be at the center of that debate.
Why Epic’s Story Matters
Judy Faulkner’s journey is more than a tech success story—it’s a lesson in staying true to your vision. From a Wisconsin basement to a global healthcare powerhouse, Epic Systems proves that you don’t need to follow the Silicon Valley playbook to win. Faulkner’s blend of quirky creativity, relentless customer focus, and principled leadership has built a company that’s both wildly successful and deeply unique.
As healthcare faces rising costs, AI disruption, and policy shifts, Faulkner’s still in the game, challenging herself and her team to keep innovating. Her story reminds us that the best leaders don’t just build companies—they build legacies. What’s next for Epic? Only time will tell, but one thing’s clear: Judy Faulkner’s not done yet.
Epic’s Success Formula: 50% Customer Focus 30% Unique Culture 20% Uncompromising Vision
