Particle Data Platform
Acquired

Epic Systems (MyChart)

4/21/20253 hr 57 min

What if we told you that the most important company in US healthcare was run from a farm in rural Wisconsin? And that farm contained the world’s largest subterranean auditorium, as well as Disneyland—style replicas of Hogwarts and the Emerald City? What if we told you that the person who started, runs and owns this establishment has legally ensured that it will never be sold, never go public and never acquire another company? And that this person, Judy Faulkner, is also likely the wealthiest and most successful self-made woman in history?

Welcome to the story of Epic Systems, the software company that underpins the majority of the American healthcare system today. Epic isn’t “just” an electronic medical record (the category it’s usually lumped into), or an online patient portal (which is how most of the US population interacts with it via its MyChart application). It’s more akin to a central nervous system for hospitals and health clinics. Almost everything in a hospital — from patient interactions to billing, staffing, scheduling, prescriptions and even research — happens on Epic’s platform, and over 90% of American medical schools’ graduating doctors, nurses and health administrative staff are trained on it during their educations. Tune in as we dive into the almost-unbelievable story of how this epic company came to be!

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‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Transcript preview

First 90 seconds

  1. Ben Gilbert· Host0:00

    The answer is somewhere in the middle.

  2. David Rosenthal· Host0:01

    Well, you texted me last night that you've made it to Singapore.

  3. Ben Gilbert· Host0:04

    I made it to Singapore, yes. Anytime you are researching anything in US healthcare, you know it is time to stop your research process and start the episode once you've found Singapore. (laughs) (laughs) All right, let's do it.

  4. Speaker 20:20

    Who got the truth? Is it you? Is it you? Is it you? Who got the truth now? Is it you? Is it you? Is it you? Sit me down. Say it straight. Another story on the way. Who got the truth?

  5. Ben Gilbert· Host0:37

    Welcome to the Spring 2025 season of Acquired, the podcast about great companies and the stories and playbooks behind them. I'm Ben Gilbert.

  6. David Rosenthal· Host0:45

    I'm David Rosenthal.

  7. Ben Gilbert· Host0:46

    And we are your hosts. Listeners, today's episode is about a quiet company in rural Wisconsin that plays an enormous role in our lives, Epic Systems.

  8. David Rosenthal· Host0:56

    Indeed, whether you know it or not.

  9. Ben Gilbert· Host0:57

    Yes. You probably know them from their medical patient software, MyChart, that, if you're listening to this, you most likely use. Epic is a very unusual company in so many ways. They do no marketing. They basically don't do any sales either. They often say no to potential customers who approach them. They don't negotiate, they don't discount. They never raised any venture capital and they've never done any acquisitions in their 47 years of existence. They don't work remotely. Everyone is in person all the time. They notoriously have one gigantic campus on a farm with

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