Early Life and Education
Judith "Judy" R. Faulkner was born on August 11, 1943, in Cherry Hill, New Jersey. She grew up in a family that encouraged her interest in mathematics and science. Her father was a pharmacist and her mother was involved in medical social responsibility. Faulkner earned a Bachelor of Arts/Science degree from Dickinson College in 1965 and a Master of Science degree in computer science from the University of Wisconsin–Madison in 1967.
Rise to Success
Faulkner started her career in healthcare technology in the 1970s, recognizing the need for improved patient data management. In 1979, she co-founded Human Services Computing, later known as Epic Systems, with an initial investment of $70,000. Faulkner wrote the original software code herself, working from a basement in Madison, Wisconsin. Epic Systems grew to become the largest vendor of electronic health records (EHR) in the U.S. by market share. The company has never taken venture capital and remains privately held, allowing Faulkner to maintain control and focus on long-term goals.
Key Business Strategies
Epic Systems' success is rooted in its comprehensive approach to healthcare software. The company's business model involves large upfront implementation fees and annual per-user licensing fees. Epic's integrated suite of healthcare applications built on a single codebase and database allows for seamless data sharing across departments and facilities. The company maintains a high customer retention rate and has built network effects through its health information exchange platform, Care Everywhere. Faulkner has also been steadfast in her approach, rejecting outside investors and acquisitions, ensuring the company's independence and focus on its mission.
Philanthropy
In 2015, Faulkner signed The Giving Pledge, committing to donate 99% of her assets to philanthropic causes. She established the Roots & Wings Foundation with her husband to support nonprofits that assist low-income children and families, primarily in health and education. The foundation aims to donate $100 million annually by 2027.