Bill Gates meets Willy Wonka: How Epic's 82-year-old CEO, Judy Faulkner, built her software factory

Epic Systems, a healthcare software powerhouse, operates under a unique set of principles visible in their offices, including directives like "Do not go public" and "Software must work." These guidelines, prominently displayed throughout the sprawling 1,670-acre campus in Verona, Wisconsin, reflect the company's distinct corporate culture. Every month, around 14,000 employees gather in an underground auditorium known as Deep Space for a mandatory meeting, often humorously dubbed "work church." During these sessions, executives share company updates and even conduct grammar lessons, emphasizing the importance of clear communication. Leading this innovative company is Judy Faulkner, an 82-year-old visionary who founded Epic in a Wisconsin basement back in 1979. Under her stewardship, Epic has grown into a $5.7 billion revenue giant, yet it remains notably independent from the venture capital scene and tech hubs like Silicon Valley. Faulkner's leadership style and business philosophy have drawn comparisons to tech legends like Bill Gates and the whimsical Willy Wonka. Despite her success, Faulkner has maintained a level of separation from her tech counterparts, choosing to keep Epic privately held. This decision stems from her desire to avoid the pressures of public markets, which she believes can detract from a company's mission. "I've seen how public companies operate, and the focus on immediate returns often overshadows long-term goals," Faulkner stated. Epic is renowned for its electronic health record (EHR) software, which is utilized by 42% of U.S. acute care hospitals, far surpassing competitors like Oracle Health. The company claims its technology supports 325 million patients across 3,300 hospitals and 71,000 clinics worldwide. This impressive reach underscores Epic's influence in the healthcare sector, even as users express concerns about the software's usability and integration with other systems. As the Users Group Meeting approaches, thousands of healthcare professionals will converge at Epic’s headquarters. While the company's software is widely adopted, some users have voiced frustrations regarding its complexity and user experience. An Epic spokesperson acknowledged the varying experiences of clinicians but reaffirmed their commitment to improving the product. Faulkner's commitment to maintaining Epic's independence is mirrored in her succession plan, which ensures that the company will remain privately held. Following her death, a trust governed by family and long-term employees will oversee Epic, prohibited from making decisions to go public or sell the company. In addition to her corporate responsibilities, Faulkner has pledged to donate 99% of her wealth to charity. This commitment aligns with her values and follows her participation in The Giving Pledge, a movement founded by Warren Buffett and Bill Gates to encourage billionaires to give away the majority of their fortunes. Epic's innovative approach to software development, combined with Faulkner's unconventional business practices, has solidified its position as a leader in the healthcare technology space. As she continues to lead Epic, Faulkner emphasizes the importance of doing what is right, stating, "Just have the guts to do what you know is the right thing to do." Her legacy is not just in the software developed but in the culture of independence, creativity, and purpose that she has fostered within Epic Systems.