Latest news with #JudyFaulkner
Yahoo
15 hours ago
- Business
- Yahoo
82-year-old CEO grew a $7.8 billion fortune from company shares—now she's selling stock to charity and signed Bill Gates' pledge to give away 99%
The 82-year-old CEO of Epic Systems, Judy Faulkner, boasts a $7.8 billion fortune from owning 43% of the tech company—yet says she's 'never cashed a single share' for herself. The Silent Generation leader, who has signed Bill Gates' Giving Pledge, instead pours the profits from selling her nonvoting shares into charity. Her unconventionality bleeds into her leadership, too, as Faulkner holds monthly 'work church' meetings, complete with grammar lessons, inside her themed office buildings. CEOs with major controlling stakes in their billion-dollar companies have the power to make themselves richer and richer, but one 82-year-old tech leader isn't cashing in for herself. Judy Faulkner, the CEO of Epic Systems, has been selling her nonvoting shares back to the company—and redirecting the profits elsewhere. 'I've never cashed a single share for myself,' Faulkner recently told CNBC. On paper, Faulkner is worth $7.8 billion, thanks to her 43% stake in Epic. The health software firm is one of the largest private tech players in the U.S., pulling in $5.7 billion in annual revenue. But the CEO, a member of the Silent Generation, isn't looking to grow her nest egg. In fact, she's trying to get rid of it. In 2015, Faulkner signed the Giving Pledge (a philanthropic organization helmed by Bill Gates and Melinda French Gates) and dedicated to give away 99% of her wealth to charitable causes. The Epic leader told CNBC she is pouring the profits from her stock sales to Roots & Wings, a family foundation she launched with her husband that provides grants to nonprofits that support low-income children and families. In 2020, Roots & Wings granted $15 million to 115 organizations around the U.S. focused on the health, education, and well-being of families, and last year Faulkner's foundation estimated it would give $67 million to 305 organizations, according to Forbes. But the Epic CEO is determined to off-load more of her wealth faster, steadily increasing giving rates until Roots & Wings reaches its goal of $100 million every year as early as 2027. To manage the massive outflow of her money from selling Epic shares, Faulkner set up a trust to govern the stock sell-back process in order to not destabilize the company. Only nine of the 256 billionaires who signed the Giving Pledge are actually following through with their promise. Fortune reached out to Epic Systems for comment. Monthly 'work church' meetings and grammar lessons in themed Epic buildings While billionaire interest in signing the Giving Pledge has waned in recent years as many CEOs, including Elon Musk and Jeff Bezos, hoard their fortunes, Faulkner is marching to the beat of her own drum. And that's not the only way she's defying conventional leadership in the tech world. The CEO described as a 'female cross between Bill Gates and Willy Wonka' by UMass Memorial Health leader Eric Dickson is bringing play and grammar lessons to her 14,000 employees. Epic Systems' massive 1,670-acre campus in Wisconsin is nothing like the futuristic or modern headquarters of other billion-dollar Silicon Valley tech companies. Each of the 28 buildings on the company's sprawling campus has a fantastical theme, ranging from The Wizard of Oz and Alice in Wonderland to the Harry Potter franchise. They're then grouped into mini campuses, including Prairie Campus, Wizards Academy, and Storybook Campus, with the offices designed by architecture business Cuningham, which also worked on the Disney theme parks. The grounds are adorned with a metal wizard standing guard of a castle, chocolate chips leading to a fake chocolate factory, and a hanging bridge that leads to a tree house. And inside, the rooms are filled with tchotchkes and paintings that Epic employees help source with Faulkner at local arts fairs. And once a month inside Epic's underground auditorium, called Deep Space, the business holds a mandatory staff meeting. According to CNBC, some employees jokingly call the get-together 'work church,' when executives run through Epic's business news and targets. But Faulkner also likes to throw a twist in the typical boring all-hands meeting by having a grammar lesson, teaching language lessons like when to use 'who' or 'whom.' Other companies with unique offices and unconventional meeting philosophies Epic Systems isn't the only company with an office setup unlike most others. Nonprofit health care provider Wellstar Health System doesn't try to keep workers happy with Ping-Pong tables and beer on tap. The Fortune 500 company's offices include 'wellness rooms,' complete with massage chairs, relaxing music, and healthy snacks to keep its 28,000 workers happy. The offerings have proved popular with employees, as turnover fell by 10% in 2024. Understood, a nonprofit that provides resources to people and families who are neurodivergent, designed its office specifically for the employees who work there and the clients it serves. Its space has something for everyone; one side of the floor has traditional white overhead lighting, while the other side has more muted yellow lighting. The office also has different zones with designated thermal controls, so employees can work in the temperatures they prefer. Also, staffers with hearing impairments were factored into the equation, as the floor has an assistive listening system that connects to their cochlear implants. And other CEOs don't like their meetings to be so buttoned-up, just like Faulkner. Amazon founder Bezos thrives in chaos; the tech leader said he only wants 'crisp documents' and 'messy meetings' that go in all different directions. Bezos encouraged his workers to show the 'ugly bits' of decision-making in these meetings—and despised the conversations being 'rehearsed' ahead of time. 'I'm very skeptical if the meetings are not messy,' Bezos said at the 2024 New York Times DealBook Summit. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 hours ago
- Business
- Yahoo
Billionaire Epic CEO Judy Faulkner built her $5.7 billion-a-year software firm in a basement. She says not getting an MBA was a ‘really good thing'
As Gen Z questions the values of degrees, Epic's billionaire CEO Judy Faulkner has never been a fan of MBAs—and built a $5.7 billion-a-year software giant without one. Unlike Apple CEO Tim Cook or General Motors CEO Mary Barra who attended business school, the 82-year-old charted her own path, including establishing 10 business 'commandments' like a directive to never IPO or sell. With recent graduates struggling to land jobs and the best business schools charging in excess of $150,000 for a degree, it's left Gen Z's aspiring business leaders questioning more than ever the value of going back to school. For Epic Systems CEO Judy Faulkner, whose software powers many of the U.S.'s top hospitals, the answer is simple: a graduate business degree may have done more harm than good. 'I never got an MBA, which I think is a really good thing,' Faulkner recently told CNBC. 'They would have taught me, 'Here's how you do venture capital.' We didn't do it. 'Here's how you go public.' We didn't do it. 'Here's how you do budgets.' We don't have budgets. We say, if you need it, buy it. If you don't need it, don't buy it.' While the 82-year-old's leadership style may sound unconventional, it has worked wonders for her business that she first started in her Wisconsin basement in 1979. Epic now rakes in an estimated $5.7 billion in annual revenue and has propelled Faulkner's net worth to over $7.8 billion. Her secret to learning the ropes of business management still included reading books and taking multiday courses, but she's just never a blind follower. In fact, Faulkner even established her own set of principles, known as Epic's 10 commandments, that are plastered all over the company's sprawling 1,670-acre campus. They include 'do not go public,' 'do not acquire or be acquired,' and 'software must work.' CEOs are divided on the value of business school While demand for business school is on the rise—a trend often seen in conjunction with economic uncertainty—business leaders have long placed their doubts on whether the skills taught in the classroom are worth it. In fact, the richest person in the world, billionaire Elon Musk, has said that there are too many business school graduates running corporate America. 'I think there may be too many MBAs running companies,' Musk previously told the Wall Street Journal. 'There's the MBA-ization of America, which I think is maybe not that great. There should be more focus on the product or service itself, less time on board meetings, less time on financials.' And he's not alone. Billionaire and former Shark Tank star Mark Cuban has called getting an MBA 'overrated.' PayPal cofounder Peter Thiel said he doesn't like hiring MBA graduates due to them mostly being 'high extrovert/low conviction people.' However, if you're eager to follow in the footsteps of top business leaders the likes of Apple CEO Tim Cook, General Motors CEO Mary Barra, and JPMorgan Chase CEO Jamie Dimon, business school might be in your future. After all, over 40% of all Fortune 1000 chief executives have obtained an MBA. Ultimately, the choice to attend a program comes down to one's own personal goals. Barra said her experience at Stanford's Graduate School of Business helped her cultivate an everlasting 'learning mindset.' 'My experiences on campus changed my life and accelerated my career. They prepared me to manage and, ultimately, to lead,' she said in 2024. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
a day ago
- Business
- Time of India
82-year-old CEO to give away 99% of her $7.8 billion fortune under Bill Gates' Giving Pledge
Judy Faulkner, the 82-year-old CEO of Epic Systems, has built a remarkable $7.8 billion fortune through her 43% stake in the company, yet she has never taken a single share for personal use. Instead, she has committed to giving away nearly all her wealth to philanthropic causes, signing Bill Gates' Giving Pledge in 2015 to donate 99% of her fortune. Beyond finances, Faulkner has created a corporate culture that values creativity, curiosity, and learning. From whimsical themed office buildings to innovative company-wide gatherings, she proves that leadership and generosity can coexist, while setting an example for other business leaders that success can be measured not only in profits but also in positive impact on employees and society. CEO Judy Faulkner gives back through Roots & Wings Faulkner, together with her husband, launched Roots & Wings to provide grants to nonprofits dedicated to improving the health, education, and well-being of children and families. Since its inception, the foundation has grown into a major philanthropic vehicle: in 2020, it granted $15 million to 115 organizations, and by 2024, it projected $67 million in grants to 305 nonprofits nationwide. Faulkner intends to steadily expand giving, aiming to distribute $100 million annually by 2027. To responsibly manage the sale of her non-voting Epic shares without destabilizing the company, she established a trust that governs these transactions. This careful planning ensures that her philanthropic mission can continue without affecting Epic's stability or long-term growth. Unconventional leadership and office creativity by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Online MBA with in-demand specializations SRM Online Learn More Undo Epic Systems' 1,670-acre campus in Wisconsin is far from a conventional office environment. Its 28 buildings feature fantastical themes ranging from Harry Potter and Alice in Wonderland to The Wizard of Oz, organized into mini-campuses such as Prairie Campus, Wizards Academy, and Storybook Campus. Inside, employees help source artwork and whimsical installations, including chocolate chip trails leading to a mock chocolate factory, hanging bridges to treehouses, and magical sculptures scattered across the grounds. This imaginative setting reflects Faulkner's philosophy that creativity, play, and aesthetic engagement foster learning and productivity, making the workplace not just a location for tasks but a space for inspiration and collaboration. Monthly 'work church' meetings with grammar lessons Once a month, Epic employees gather in the underground auditorium called Deep Space for a mandatory meeting affectionately nicknamed 'work church.' These gatherings cover essential business news, company updates, and operational targets. Yet Faulkner adds unique elements that transform standard corporate meetings into engaging learning experiences. For instance, she incorporates grammar lessons, teaching employees proper usage of words such as 'who' and 'whom,' and emphasizing communication skills alongside company strategy. By blending education with corporate updates, these meetings reinforce a culture of continuous learning, intellectual curiosity, and attention to detail, encouraging employees to grow professionally and personally within the company. Other companies embracing unconventional office setups Epic Systems is part of a broader trend of companies reimagining office culture to enhance employee engagement. Wellstar Health System, for example, offers wellness rooms with massage chairs, calming music, and healthy snacks, resulting in a 10% drop in employee turnover in 2024. Nonprofit Understood designs offices specifically for neurodivergent employees, with adjustable lighting, temperature zones, and assistive listening systems to support diverse needs. Even CEOs like Jeff Bezos favor 'messy meetings' over rehearsed discussions to stimulate open debate and creativity. These examples show that unconventional setups, when thoughtfully implemented, can increase productivity, employee satisfaction, and innovation across industries. A billionaire breaking the mold While many billionaires sign high-profile pledges without fully following through, Faulkner stands apart as a rare example of commitment and action. By giving away nearly all her wealth through philanthropy, cultivating a creative and educational workplace, and fostering employee engagement through unconventional office design and corporate rituals, she sets a benchmark for responsible, visionary leadership. Her approach demonstrates that a CEO can combine financial success, ethical responsibility, and innovation to create a lasting impact—not just on a company's bottom line, but on the lives of employees, communities, and society at large. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
CNBC
a day ago
- Health
- CNBC
Epic touts new AI tools for patients and doctors at company's annual meeting
Space travelers, robots and, of course, artificial intelligence. They were all on display on Tuesday at Epic Systems' annual Users Group Meeting, held at the health software giant's 1,670-acre campus in Verona, Wisconsin. Judy Faulkner, Epic's 82-year-old CEO, dressed for the occasion in a purple wig with neon green shoes and an iridescent vest, reminiscent of the fictional character Buzz Lightyear from the "Toy Story" franchise. At the science fiction-themed event, Faulkner told the crowd that Epic has roughly 200 different AI features in development that aim to assist patients, clinicians and insurers. "We are combining the intelligence and curiosity of the human being with the investigative capabilities of gen AI," Faulkner said, in front of thousands of health-care executives packed into an 11,400-seat underground auditorium. Epic, one of the largest private technology companies in the country, is best known for its electronic health record, or EHR, software. An EHR is a digital version of a patient's medical history that's updated by doctors and nurses, and the technology is integral to the modern U.S. health-care system. Epic's software, which competes with Oracle Health (formerly Cerner), is used by 280 million Americans, according to the company. Many patients know of Epic because of its user portal called MyChart. Last week, Epic announced MyChart Central, which will allow patients to log in to MyChart with just one set of credentials, rather than needing a username and password for each health system they visit. It's equally helpful for health-care organizations, Faulkner said. "You'll spend less time handling patient calls and resetting passwords," she said in her keynote on Tuesday. "Demographic changes like address need to be added only once." A new addition to the MyChart portal is the always-on Emmie assistant, which the company said will be able to answer questions about lab results, propose appointment times and suggest relevant screenings that patients can discuss with their doctor. During Epic's three-hour presentation, Faulkner and other executives introduced Emmie as well as other AI assistants the company calls Art and Penny, highlighting new capabilities that are coming in the next year and beyond. The Art assistant is intended for clinicians, and is meant to act as an active AI digital colleague, the company said. Art will be able to anticipate information that a doctor might need, for instance, and can pull up information like blood pressure trends, update a patient's family history and place orders. The company also said Art will be able to draft clinical notes, which was one of the most highly anticipated announcements ahead of the conference. AI-powered clinical documentation tools, which are often called AI scribes, can take notes on patient visits in real time as doctors record their encounters, with a patient's consent. AI scribes have exploded in popularity as health-care executives search for solutions to help reduce staff burnout and daunting administrative workloads. Some startups in the space, including Abridge and Ambience Healthcare, have raised hundreds of millions of dollars from investors. Epic said its AI charting tool is being built in collaboration with Microsoft. Epic and Microsoft have been working closely together for roughly two decades, and Microsoft's DAX Copilot product is already a popular offering within the AI scribing market. "We're proud to be collaborating with Epic to explore how we can bring our core Dragon ambient AI technology to Epic's new AI Charting capability to further improve care delivery," Joe Petro, corporate vice president of Microsoft Health & Life Sciences said in a statement. Epic's Penny assistant is designed to help with revenue cycle management and other administrative needs, such as generating appeal letters for insurance claims that get denied. It can also help speed up medical coding by serving up suggestions, Faulkner said. Those two features are already live. "With all the challenges health-care organizations are facing, we need to make sure our clinicians and our organizations are strong and doing well in order to be able to take care of patients," Faulkner said. Epic closed out its executive address by teasing new AI capabilities that are coming to Cosmos, which is a deidentified patient dataset clinicians can use to conduct research. Health systems have to opt-in to participate in Cosmos, and the database currently includes information from more than 1,760 hospitals and 300 million patients. Epic said it's building a set of proprietary foundation models, called Cosmos AI, based on this data. The company is still evaluating different applications of the models, and launched the Cosmos AI Lab to help researchers and data scientists learn more. Executives said the models could be used to predict a timeline of a patient's potential medical events, like whether they're a readmission risk or could eventually experience a heart attack. "We're finding that it continues to improve as it sees more patients," said Seth Hain, a senior vice president of research and development at Epic. "Having only used 8 billion encounters so far, we're just getting started."
Forbes
a day ago
- Business
- Forbes
Epic's Bold Move: Healthcare's Star Trek Moment With Intelligent AI Agents
Epic, long a dominant force in electronic medical records (EMR), has just taken a leap into the future of healthcare AI. This week, CEO Judy Faulkner announced that Epic is moving beyond traditional artificial intelligence, coining the term 'healthcare intelligence' to describe its new approach: developing intelligent AI agents within its EMR to transform the entire healthcare ecosystem. The move is a bold, strategic play—one that brings the visionary technologies of Star Trek into real-world patient care. At the core of this AI transformation is Epic's Cosmos dataset, encompassing over 300 million patient records and more than 16 billion encounters across four countries—a formidable advantage that sets Epic apart from its competitors. Epic's new AI agents are at the heart of this transformation: • Emmie, the patient-facing advocate, acts as a personal navigator for care—scheduling, reminders, education, and MyChart-based clinical guidance. She functions like Star Trek's Universal Translator, breaking down language and literacy barriers while delivering personalized guidance. • ART, the clinician copilot, extends AI scribing, pre-visit summaries, order suggestions, and real-time evidence-based guidance. ART embodies the Ship's Computer, allowing clinicians to ask complex questions naturally and receive actionable, context-aware answers in real time. • Cosmos AI, powered by Epic's enormous dataset, supports diagnosis, treatment planning, and predictive analytics at scale. It is the Medical Tricorder, instantly synthesizing labs, imaging, notes, and genomics to propose care pathways and support clinical decision-making. • Penny, the administrative optimizer, tackles prior authorization, revenue capture, and operational bottlenecks. She mirrors the Holodeck EMH, acting as an autonomous support system that extends both clinical and operational capacity, especially in high-demand or underserved settings. Beyond these agents, Epic is embedding Predictive Health Monitoring, mirroring the Star Trek sensors that detect physiological changes before symptoms appear. AI-driven models now identify risk for deterioration, sepsis, readmissions, and other complications, enabling proactive intervention. Epic's strategy raises key questions for the broader healthcare ecosystem: • How will these AI agents integrate with smaller health systems, which historically relied on lighter EHR solutions or Community Connect models? Can pooled resources and nimble implementations allow these systems to adopt Epic without prohibitive costs? • What role will payers play as AI-driven predictive models inform coverage decisions, pre-authorization, and risk stratification? Could these tools reshape payer-provider negotiations or accelerate value-based care adoption? Could this ultimately address payers' long-standing transparency challenges with claims data? • How will pharmacies leverage ART and Cosmos AI for medication management, adherence monitoring, and personalized therapy recommendations? • Can clinical trial enrollment be streamlined through AI-guided matching, making research more accessible and inclusive for patients across diverse settings? • Governance: How will health systems ensure safe, ethical, and compliant use of AI agents across clinical and operational workflows? Who sets the standards, monitors performance, and maintains accountability when agentic AI decisions influence patient care or challenge provider decisions? Strategically, Epic is partnering deeply with Microsoft, leveraging Azure AI to power its AI scribing capabilities. This ensures scale, reliability, and long-term alignment while preventing fragmentation from third-party solutions. ART, Emmie, Cosmos AI, and Penny together create a unified, interoperable ecosystem—one that consolidates Epic's market power, enhances operational efficiency, and raises the bar for competitors. For patients, the benefits are immediate: a single sign-on for MyChart across all sites, AI-powered wound assessments, integrated clinical trial enrollment, and personalized guidance across the entire care journey. For clinicians, the EMR becomes a co-pilot rather than a cumbersome tool, guiding decision-making, reducing administrative burden, and supporting evidence-based care. Final Perspective Epic's AI strategy represents a healthcare Star Trek moment: intelligent, agentic systems that empower human operators, anticipate problems before they occur, and extend care capabilities across every layer of the ecosystem. It is not just about technology—it's a bold vision for a fully connected, intelligent healthcare universe where hospitals, payers, pharmacies, and patients interact seamlessly, and the future of care becomes more predictive, efficient, and patient-centric.
