Judy Faulkner, the billionaire founder and chief executive officer of Epic Systems, has led the health software giant for 46 years and says she still has more to accomplish as CEO, CNBC reported Aug. 16.
Ms. Faulkner, who turned 82 on Aug. 11, started Epic in a Wisconsin basement in 1979. The company has grown into the largest U.S. EHR vendor, with technology used in more than 3,000 hospitals and 71,000 clinics worldwide. About 42% of acute care hospitals in the U.S. use Epic, compared with 23% for its closest competitor, Oracle Health, according to KLAS Research.
Epic reported $5.7 billion in annual revenue last year and employs roughly 14,000 people on its 1,670-acre campus outside Madison. The company remains privately held and has never taken venture capital funding.
Ms. Faulkner has long opposed taking Epic public or selling the business. In an interview with CNBC, she said she views public ownership as driven too heavily by shareholder demands for quarterly returns.
To preserve her vision for Epic’s independence, Ms. Faulkner has set up a trust that will control the company after her death. The trust’s voting committee — made up of family members and longtime employees — will be barred from allowing the company to go public or be acquired.
While Ms. Faulkner has not named her successor, CNBC reported that many inside the company view Epic President Sumit Rana, a 27-year veteran of the firm who helped develop its MyChart patient portal, as the likely candidate.
Ms. Faulkner, whose estimated net worth is $7.8 billion, has pledged to donate 99% of her wealth to charity through The Giving Pledge. She and her family launched the Roots & Wings Foundation in 2020 to support low-income children and families.
Despite her age, Ms. Faulkner told CNBC she has no plans to step down soon.
“It’s interesting and it’s challenging and it’s worthwhile,” she said.
