Judy Faulkner built a $5.7B health tech empire—by ignoring MBA advice and holding fast to 10 commandments.

Judy Faulkner, the 82-year-old founder and CEO of Epic Systems, built a $5.7 billion-a-year software empire from a Wisconsin basement in 1979. Her company, known for its dominance in electronic health records (EHR), is used by 3,300 hospitals and 71,000 clinics globally, covering 325 million patients. Unlike many of her contemporaries in the tech industry, Faulkner never pursued an MBA, a decision she now considers a “really good thing.” By avoiding venture capital and staying private, she has maintained control over the company’s culture and long-term vision, a strategy that has allowed Epic to thrive despite intense competition and market pressures [1].

Epic’s growth has been marked by its unique corporate philosophy and operational independence. The company is governed by what Faulkner refers to as the “10 commandments,” including directives such as not going public and not acquiring or being acquired. These principles are deeply embedded in Epic’s operations, from its sprawling 1,670-acre campus in Verona, Wisconsin, to its corporate culture, where employees undergo training that emphasizes direct customer engagement and innovation. Faulkner’s leadership style, which prioritizes customer needs and product integrity over quarterly profits, has helped Epic establish itself as the leading EHR provider in the United States, with 42% of acute care hospitals relying on its software [1].

Despite its success, Epic has faced criticism for its user experience and interoperability challenges, with some clinicians finding its system difficult to navigate. The company has responded by ensuring 24/7 support and assigning dedicated “BFF” (best friend forever) representatives to each health system. Faulkner herself is known for her accessibility to customers and staff, often responding to emails within hours and engaging directly with health-care leaders during phone or video calls. Executives such as UMass Memorial Health’s Dr. Eric Dickson have praised Faulkner’s responsiveness and her ability to rally teams around complex projects. Microsoft’s Pete Durlach also noted the reverence Faulkner commands within the company, stating, “People definitely answer the phone when Judy calls” [1].

Faulkner’s commitment to maintaining Epic’s independence is matched by her dedication to philanthropy. In 2015, she signed The Giving Pledge, agreeing to donate 99% of her assets to charity. She has since launched Roots & Wings, a foundation that supports low-income children and families through grants. Faulkner has been selling her nonvoting shares to fund the organization, while her voting shares will be transferred into a trust governed by a committee of family members and longtime employees. An oversight board, The Trust Protector Committee, will ensure the trust adheres to Faulkner’s vision, including rules against public listings or acquisitions. These measures reinforce her long-standing belief that the company should remain privately held and continue operating according to her principles [1].

While Faulkner has not publicly announced her successor, she has indicated that the next CEO must be a software developer and a longtime Epic employee. Many industry observers believe Sumit Rana, who became president in 2024, is the likely candidate. Rana has been increasingly visible in public speaking roles and has played a key role in developing Epic’s patient portal, MyChart. Faulkner, however, has declined to confirm any succession plans, emphasizing that the decision is up to the company. Her reluctance to formalize a leadership transition underscores her deep involvement in the business, even as she approaches her 83rd birthday [1].

Epic’s success has also attracted legal scrutiny. The company faces two lawsuits in the past year, with plaintiffs alleging anticompetitive practices and obstruction of data sharing. While Epic maintains that it promotes free and fair competition, critics such as Oracle’s Ken Glueck have accused Faulkner of being the primary barrier to interoperability in the EHR market. The company counters by highlighting its own interoperability tools, such as Care Everywhere and EpicCare Link, which enable data exchange between health-care providers. Despite these challenges, Faulkner’s influence remains strong within the health-care industry, where Epic’s dominance is both a boon and a point of contention among providers and startups [1].

Source:

[1] How Epic's 82-year-old CEO Judy Faulkner built her software factory (https://www.cnbc.com/2025/08/16/how-epics-82-year-old-ceo-judy-faulkner-built-her-software-factory.html)