David Awoyode
At 82, Judy Faulkner has spent nearly five decades running Epic Systems, the health IT company she founded in a Wisconsin basement in 1979. Today, Epic brings in $5.7 billion in annual revenue and employs over 14,000 people.
A Company That Refuses to Play by Wall Street’s Rules
Epic’s guiding “commandments” — Do not go public, Do not acquire or be acquired, Software must work — highlight Faulkner’s rejection of traditional corporate playbooks. She sees public markets as obsessed with short-term profits, preferring to keep Epic independent and private.
Epic’s Reach Across U.S. Healthcare
Epic dominates the electronic health records (EHR) sector, serving 42% of U.S. hospitals and 325 million patients worldwide. Its nearest rival, Oracle Health, holds just 23% after its 2022 Cerner acquisition.
A Successor Waiting in the Wings
Though Faulkner remains CEO, insiders say her likely successor is Sumit Rana, a 49-year-old longtime Epic executive who helped create its patient portal, MyChart. Rana became president in 2024, signaling a future leadership transition.
Protecting Epic’s Legacy
Faulkner has set up a trust governance structure to ensure Epic never goes public or gets sold after her death. A “Trust Protector Committee” of healthcare leaders can even sue the trust if its rules are broken.
The Campus That Feels Like a Theme Park
Epic’s Verona, Wisconsin campus spans 1,670 acres and features themed buildings inspired by The Wizard of Oz, Harry Potter, and Alice in Wonderland. Slides, castles, and art installations reflect Faulkner’s eye for detail and love of whimsy.
The Accidental CEO
Faulkner calls herself an “accidental CEO.” She never earned an MBA, preferring instinct over conventional business training. She once told staff, “We don’t do budgets. If you need it, buy it. If you don’t need it, don’t buy it.”
A Tireless Customer Advocate
Epic’s reputation comes partly from Faulkner’s hands-on approach. CEOs of major hospital systems say she personally answers emails within hours and joins calls to troubleshoot problems, often in real time.
Challenges and Controversies
Despite its dominance, Epic faces criticism over interoperability and ongoing lawsuits alleging anticompetitive behavior. Competitors accuse Faulkner of resisting data sharing, though Epic insists its own tools support broad data exchange.
Philanthropy and the Future
In 2015, Faulkner joined The Giving Pledge, promising to donate 99% of her wealth. Through her Roots & Wings Foundation, she funds programs for low-income families. But even with philanthropy secured, Faulkner insists she’s not done at Epic: “It’s interesting, it’s challenging, and it’s worthwhile.”
