Here's something that shouldn't exist: A software company that controls the medical records of 78 percent of Americans—255 million people—yet has never gone public, never taken venture capital beyond the original $70,000, and operates from a fantasy-themed campus in Verona, Wisconsin, population 14,000.The first product wasn't even electronic health records. It was scheduling software for a single doctor's office, written in MUMPS (Massachusetts General Hospital Utility Multi-Programming System), a programming language so obscure that most programmers have never heard of it. Faulkner sold it for $5,000 to a local physician. The margin was terrible. But Faulkner noticed something: the doctor didn't just want scheduling. He wanted billing. Then he wanted patient records. Then he wanted lab results.
From wikipediahttps://www.danielscrivner.com/epic-systems-business-breakdown/
Here's something that shouldn't exist: A software company that controls the medical records of 78 percent of Americans—255 million people—yet has never gone public, never taken venture capital beyond the original $70,000, and operates from a fantasy-themed campus in Verona, Wisconsin, population 14,000.
Epic Systems generates an estimated $4.9 billion in annual revenue with software margins in an industry that typically runs on service margins. They maintain near-100 percent customer retention in a market where switching vendors is common. They've built what's effectively a monopoly without the typical monopolist playbook—no acquisitions, no predatory pricing, no regulatory capture. Well, mostly no regulatory capture.
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And in healthcare, nobody ever got fired for buying Epic.
Additionally, this effort to maximize profits allegedly led providers using Epic to spend two hours entering data for every hour they spend with patients, including significant time outside of working hours. Based on interviews with providers, much of this data is clinically irrelevant. Critics have also suggested that while Epic provides time-saving tools, these are attempts to solve problems also exacerbated by Epic.
A similar complaint could be made about every database installation. I love what you can accomplish with a good database but the time spent programming, customizing and fixing all the crap data is quite significant.Additionally, this effort to maximize profits allegedly led providers using Epic to spend two hours entering data for every hour they spend with patients, including significant time outside of working hours. Based on interviews with providers, much of this data is clinically irrelevant. Critics have also suggested that while Epic provides time-saving tools, these are attempts to solve problems also exacerbated by Epic.
So true, GIGO, as true today as it was in 1950 !A similar complaint could be made about every database installation. I love what you can accomplish with a good database but the time spent programming, customizing and fixing all the crap data is quite significant.