Judy Faulkner, the CEO of Epic Systems, is a powerful figure in the healthcare industry, with the company generating $4.9 billion in revenue annually. Faulkner, who founded Epic in 1979, has always maintained the company’s independence and employee-owned status, following a set of “Ten Commandments” that include not going public and not being acquired. At 81 years old, Faulkner has no plans to retire, seeing work as a purpose that keeps her alive and motivated. She has taken steps to ensure that Epic remains private, independent, and employee-owned in perpetuity, with a trust set up to govern the company after her passing.
Epic’s software is used for patients in over half of the hospital beds in the U.S., making Faulkner one of the most influential figures in the healthcare industry. While competitors like Cerner and Oracle Health have grown through mergers and acquisitions, Faulkner has kept Epic separate from such activities, focusing on in-house product development and maintaining full control over the company. Faulkner’s philanthropic efforts are also centered on early childhood development, with the proceeds from selling her non-voting shares going to her family foundation.
Epic’s unique company culture is reflected in its whimsical office environment and selective hiring process, with only around 2,000 of the 370,000 applicants hired each year. Despite challenges from competitors like Oracle Health, Epic has continued to grow, adding new customers and hospital beds in 2023. Faulkner attributes this growth to the company’s strategy of reactive sales and in-house product development. Epic is also expanding its reach into new customer groups, such as health insurers, medical devices, and laboratories, with products like “Health Grid” aimed at facilitating data transfer between different healthcare organizations.
While Epic’s integrated system has been successful in large health systems, the company is now focusing on connecting various healthcare players for smoother data transfer. AI tools are being developed to automate processes and provide patients with advice in between doctor visits. Faulkner remains focused on the company’s mission and values, ensuring that Epic continues to innovate and lead in the healthcare industry. With Faulkner’s careful planning and commitment to Epic’s independence, the company is poised to maintain its position as a leader in electronic health records and patient care.
