In the quiet suburbs of Verona, Wisconsin, a sprawling campus resembling a fantastical theme park houses one of the most influential companies in healthcare technology. Epic Systems, founded by Judy Faulkner in 1979, has grown into a behemoth that manages electronic health records for more than 250 million patients worldwide. At 82, Faulkner remains the CEO, steering the privately held firm with a blend of quirky creativity and ironclad principles that have defied industry norms for over four decades.

Faulkner’s journey began in a basement with a modest $70,000 investment, evolving into a software empire valued in the billions. Her background in mathematics and computer science, honed at Dickinson College and the University of Wisconsin, equipped her to tackle the complexities of medical data management. What started as Human Services Computing has become Epic, dominating the market without ever going public or seeking venture capital, a rarity in tech.

The Unconventional Commandments Guiding Epic’s Success

Central to Epic’s ethos are Faulkner’s “10 Commandments,” prominently displayed across the company’s facilities. As detailed in a recent profile by CNBC, these include mandates like “Do not go public,” “Do not acquire or be acquired,” and “Software must work.” This philosophy has fostered a culture of self-reliance, allowing Epic to prioritize product reliability over rapid expansion or shareholder pressures.

The campus itself, often likened to a Willy Wonka factory crossed with Bill Gates’ innovation hub, features whimsical architecture with themed buildings and underground tunnels. Employees enjoy perks like themed conferences and creative workspaces, but beneath the playfulness lies a rigorous focus on interoperability and patient-centered software. Faulkner’s hands-on approach ensures that updates and features directly address healthcare providers’ needs, contributing to Epic’s market share in hospitals and clinics.

A Succession Plan Rooted in Legacy Preservation

With Faulkner now in her eighties, questions about succession loom large. She has outlined a detailed plan, as revealed in the CNBC article, ensuring the company remains employee-owned and adheres to its founding principles post her tenure. This includes grooming internal leaders and establishing governance structures to prevent takeovers or dilution of values.

Her net worth, estimated at $7.8 billion by Forbes, underscores her status as one of the richest self-made women in America. Yet Faulkner shuns the spotlight, donating billions to philanthropy through the Faulkner Foundation, focusing on healthcare and education. This low-profile stance contrasts with peers in Silicon Valley, where public personas often drive business narratives.

Innovating Amid Healthcare Challenges

Epic’s software has been pivotal during crises like the Covid-19 pandemic, enabling rapid data sharing and telehealth integrations. However, critics, including a 2021 Forbes investigation, have pointed to its “walled garden” approach, which can hinder data exchange with competitors. Faulkner defends this by emphasizing security and standardization, arguing it protects patient privacy in an era of cyber threats.

Looking ahead, Epic continues to invest in AI and predictive analytics, aiming to enhance diagnostic tools and operational efficiency. Industry insiders note that Faulkner’s model—blending whimsy with discipline—has not only built a “software factory” but also reshaped how technology intersects with medicine, proving that staying private can yield outsized influence.

Lessons for Tech Leaders in a Volatile Market

Faulkner’s story offers insights for executives navigating regulatory scrutiny and market volatility. By maintaining control and focusing on core competencies, Epic has avoided the pitfalls that ensnared other tech giants. As Wikipedia chronicles her early life in New Jersey and inspirations from her pharmacist father, it’s clear her roots in practical problem-solving have fueled a resilient enterprise. In an industry hungry for innovation, Epic stands as a testament to enduring vision over fleeting trends.