Judy Faulkner, the CEO of Epic Systems, is a powerful figure in the healthcare industry, overseeing a company with $4.9 billion in annual revenue. With no plans to retire at 81, Faulkner has a unique vision for the company’s future, ensuring that it remains independent and employee-owned in perpetuity. She has set up a trust to govern the company after her passing, with her family members and long-time employees in charge of maintaining Epic’s independence and unique culture.
Epic’s software is used for more than half of the hospital beds in the U.S., making it a dominant player in the healthcare technology market. Faulkner’s leadership has been instrumental in Epic’s success, and the company’s next stage of growth will involve expanding into new customer groups, such as health insurers, medical devices, and laboratories. Faulkner has a plan in place to ensure that Epic continues to thrive even after she steps down, with a strong emphasis on employee ownership and corporate independence.
Epic’s approach to product development sets it apart from its competitors, with a focus on in-house development and a refusal to acquire other companies. This strategy has allowed Epic to maintain control over its software and avoid the complications that can arise from integrating different systems. While Epic’s competitors have grown through mergers and acquisitions, Faulkner believes that Epic’s independence is a key factor in its success.
Despite competition from companies like Oracle Health, Epic has continued to grow its market share and expand its customer base. Faulkner’s commitment to innovation and employee ownership has helped Epic to stand out in a crowded market. With a focus on AI and data sharing, Epic is positioning itself to lead the way in the future of healthcare technology.
Faulkner’s leadership style and commitment to employee ownership have made Epic a unique and successful company in the healthcare technology industry. With a focus on creative solutions and in-house development, Epic has been able to maintain its position as a leader in electronic health records. As Faulkner looks to the future, she remains focused on ensuring that Epic remains independent and innovative for years to come.
