This is the story of Judith Faulkner, the reclusive lady whose single-minded pursuit resulted in the founding of one of the largest tech companies in healthcare. Ms Faulkner founded Epic Systems Corporation in 1979. Epic Systems is one of the largest databases of EHR (Electronic Health Record) and holds the medical records of over 250 million people.
It is used by large hospitals in the USA to access medical records of their patients electronically. Started in the basement of her home in Wisconsin, the company’s moto is “to help people get well, help people stay well, and help future generations be healthier”. When she started Epic with $70,000 there were only two-part time employees and herself.
MARKET LEADER
Today, it has over 10,000 employees and Epic Systems Corporation is the market leader amongst EHR vendors with around 37 per cent market share. Its closest competitor Cerner, recently acquired by Oracle Corporation, has around 22 per cent share.
Ms Faulkner, who began life as a computer programmer, owns about 47 per cent of the company, along with her family. Employees and other initial investors own the rest. She has never raised funds from the market and has stated that the company will never go public. Likewise, while it is considered a leader in technology, the company has never made an acquisition and all of its software is home grown. Ms Faulkner is proud of the deep relationship with her customers. The software has been used, on an average, for over 10 years.
This story is from the 25 March 2023 edition of Business World India.
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This story is from the 25 March 2023 edition of Business World India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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