Summary

Judy Faulkner, the founder of Epic Systems, has built a company that controls the medical records of 250 million patients, becoming the richest person in Madison, Wisconsin, with a net worth exceeding $6.5 billion, while challenging traditional business practices and committing to significant philanthropy.

Abstract

Judy Faulkner is a trailblazing entrepreneur who has revolutionized the healthcare industry through her company, Epic Systems. Starting from a basement in Wisconsin, Faulkner utilized her expertise in computer science to develop a leading suite of medical-record software. Epic Systems, which supports the medical records of over 250 million patients, is now a staple in top medical centers such as Mayo Clinic and Johns Hopkins. Faulkner's success is attributed to her unique business philosophy, which emphasizes in-house software development and substantial investment in research and development. Despite her wealth, she remains committed to her values, having pledged to give away 99% of her assets to philanthropy to support causes related to basic human needs and education. Her approach to business and philanthropy reflects her belief in the importance of meaningful work, impactful missions, and the balance between providing for immediate needs and fostering long-term growth.

Opinions

Judy Faulkner values defying the status quo and has a history of challenging traditional norms in both business attire and healthcare software.
She believes that people work for more than just a paycheck; they seek meaning, interesting colleagues, the opportunity to serve, competition, and a sense of mission.
Faulkner's commitment to philanthropy is driven by a desire to provide others with the essentials (roots) so they can achieve their potential (wings).
The article suggests that readers can improve their own lives by taking on challenges, such as the recommended 7-Day Design Your Ideal Day Challenge.
The author endorses an AI service, ZAI.chat, as a cost-effective alternative to ChatGPT Plus (GPT-4), indicating a preference for value for money in technology services.

This Company Controls 250 Million Patients' Medical Records

The richest person in Madison, Wisconsin

“High heels hurt. Stockings — stockings are probably like ties. They constrain your thinking.” -Judy Faulkner

As soon as I heard the above statement, I had to learn more about the person who said these words. Her name is Judy Faulkner, and she loves to defy the status quo.

Her ability to challenge the norm made her one of the most influential people in the health care industry. Her wealth exceeds $6.5 billion, making her the richest person in Madison, Wisconsin.

Judy Faulkner loves to challenge the status quo.

Judy Faulkner is an American billionaire and founder of America’s leading medical-record software provider, Epic.

Epic Systems are a suite of software that changed how health care is administered by refining how medical information is collected, reviewed, and relayed.

Her mother never stepped a foot on a college campus.

Judy Faulkner was born in August 1943 in New Jersey. Her mother, Del Greenfield, graduated high school with straight A’s at age 15. However, she didn’t go to college because she couldn’t afford it. Her father, Louis, was a pharmacist.

Faulkner was raised in New Jersey. She earned her bachelor’s degree in mathematics from Dickinson College in 1965 and a master’s degree in computer science from the University of Wisconsin-Madison in 1967.

Faulkner started Epic Systems in a basement.

In a tiny Wisconsin basement in 1979, Judy Faulkner used her computer science knowledge to launch Epic Systems with the help of two part-time assistants. As a result, Epic has since become the leading provider of integrated healthcare software.

Today, Epic supports the medical records of over 250 million patients and is used by top medical centers such as Mayo Clinic and Johns Hopkins. Faulkner has attained all of this success without raising any venture capital or making an acquisition. The company also develops all its software in-house and invests 32% of operating expenses in research and development.

People go to work for six reasons.

Judy Faulkner took a class in college that focused on an interesting question: Why do you go to work?

Everyone agreed on five reasons during that class, but Faulkner added one more.

Individuals want to earn a paycheck.
Employees want to do something meaningful.
They want to meet and work with interesting people.
Employees want to serve others and meet customers’ expectations.
They want to compete with others and work on challenging projects.
People want to work for organizations that have impactful missions.

She committed to giving 99% of her wealth away.

“Many years ago, I asked my young children what two things they needed from their parents. They said ‘food and money. I told them ‘their roots and wings. My goal in pledging 99% of my assets to philanthropy is to help others with roots — food, warmth, shelter, healthcare, education — so they too can have wings.” — Judy Faulkner

Faulkner is married to Dr. Gordon Faulkner and lives in Madison, Wisconsin, with her three children. In 2015, she committed to giving 99% of her assets to philanthropy.

If you had Faulkner’s money, what causes would you support?

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