Bill Gates Meets Willy Wonka: Inside How 82-Year-Old Billionaire CEO Judy Faulkner Built Her Software Empire

Epic Systems, founded in 1979 by Judy Faulkner, is a dominant private health-care software company specializing in electronic health record (EHR) systems. Headquartered on a sprawling 1,670-acre campus in Verona, Wisconsin, Epic has grown to $5.7 billion in annual revenue, serving 42% of acute care hospitals in the U.S. and millions of patients globally. Despite its size, Epic remains fiercely private and independent, reflecting Faulkner’s core principles: “Do not go public. Do not acquire or be acquired. Software must work.” These tenets are prominently displayed throughout the company’s campus.

Faulkner, now 82, is known for her unconventional leadership style and distance from Silicon Valley tech culture. She started Epic in a Wisconsin basement and has avoided venture capital funding, keeping the company geographically and culturally distinct from typical tech hubs like Seattle and Silicon Valley. She has been described as a blend of Bill Gates and Willy Wonka, embodying both visionary leadership and eccentricity.

Epic’s software is widely used, with 3,300 hospitals and 71,000 clinics relying on it worldwide. However, despite its widespread adoption, users have mixed experiences with the software’s usability and interoperability. Epic acknowledges that while many clinicians find the software easy, others find it difficult.

Faulkner’s resistance to public markets stems from her belief that public shareholders often focus solely on short-term returns, which she terms the “tyranny of the quarter.” This philosophy has shaped Epic’s refusal to go public or sell, preserving its unique culture and operational independence. Faulkner has avoided acquisitions and discouraged offers, famously turning down interest from figures like former GE CEO Jeff Immelt.

The company maintains a strict governance structure to ensure its longevity and independence after Faulkner’s passing. She has never sold her voting shares; these will be transferred to a trust governed by a voting committee comprising family members and longtime employees. This committee is bound by rules preventing them from taking Epic public or selling it. An oversight board of healthcare leaders exists to enforce these rules.

Faulkner’s leadership style is pragmatic and grounded. She never pursued an MBA and prefers a flexible, need-based approach to budgeting. She fosters a unique corporate culture, reflected in themed office buildings inspired by fiction and regular staff meetings that include grammar lessons alongside company updates.

Looking ahead, Faulkner has a succession plan that emphasizes continuity. While she has not publicly named her successor, many insiders see Sumit Rana, Epic’s president since 2024 and a longtime employee since 1998, as the likely candidate. Faulkner insists the future leader must be a software developer with deep company roots.

Despite criticism and legal challenges over the years, Judy Faulkner’s Epic Systems stands as a uniquely powerful player in U.S. healthcare technology, driven by a steadfast commitment to software reliability, independence, and a clear vision for the future.