Healthcare tech firm Epic Systems says it won't consider any Apple buyout offer
Despite its potentially lucrative nature, the CEO of healthcare IT firm Epic Systems says she won't consider any possible takeover offer by Apple.
"We're not going to do that," Judy Faulkner told Healthcare IT News at a conference earlier this week. "It was just very gratifying that not a single health system contacted us about it and said they were worried. They all said they laughed."
The executive was responding to CNBC "Mad Money" host Jim Cramer, who argued that Apple should buy Epic since it sells medical record software to major U.S. hospitals. Apple launched a Health Records feature in March 2018, allowing encrypted patient data to be saved in the iOS Health app for quick access and sharing with caregivers. Earlier this week Apple announced plans to bring the technology to U.S. military veterans.
"I think the thing that amazed me most about it is not that he said it. But that the message is so clear around the whole industry that we wouldn't do that," Faulkner continued. "And nobody questioned it. That was a real achievement, I think."
Faulkner is unusual in the corporate world in refusing to do deals or go public on the stock market. While that strategy carries risks, it also has advantages, such as not being beholden to shareholders concerned only about their own return.
"We're not going to do that," Judy Faulkner told Healthcare IT News at a conference earlier this week. "It was just very gratifying that not a single health system contacted us about it and said they were worried. They all said they laughed."
The executive was responding to CNBC "Mad Money" host Jim Cramer, who argued that Apple should buy Epic since it sells medical record software to major U.S. hospitals. Apple launched a Health Records feature in March 2018, allowing encrypted patient data to be saved in the iOS Health app for quick access and sharing with caregivers. Earlier this week Apple announced plans to bring the technology to U.S. military veterans.
"I think the thing that amazed me most about it is not that he said it. But that the message is so clear around the whole industry that we wouldn't do that," Faulkner continued. "And nobody questioned it. That was a real achievement, I think."
Faulkner is unusual in the corporate world in refusing to do deals or go public on the stock market. While that strategy carries risks, it also has advantages, such as not being beholden to shareholders concerned only about their own return.
Comments
Clicks that's why.
It was a dumb reply to a hypothetical question.
I guess employees or something. They always laugh at Apple before they fall. So maybe they're afraid?
Fucking insurance companies. And this mentality of profits before people.
As big as Apple is, Epic is probably worth billions and would it would be a major endeavor to purchase them. Given the mess our health care and insurance system is, I’m not sure apple would want to take this on.
it can’t be share price, because epic is private, is it not?
All current major electronic health record systems in the US have wonderfully efficient, easy-to-use, billing modules.
The Patient part? Shared health information, history, recent health care encounters - absolutely terrible.
I don't know where this so-called "news" came from, but as someone who as worked in health care IT for all my life, the best thing Apple could do if they bought Epic would be to close the company and start again. Apple certainly has the UX capabilities to do a much better job for health providers. ;-)
The complexity of an EMR is amazing. Think of everything that happens in health- documenting physical exams, ordering labs, biopsies, diagnostics of every other kind, billing, medical legal stuff, etc. Creating a system that does what a family doc needs would cost millions, but that wouldn't cover what a cardiologist needs to process EKGs and echocardiograms, or what a nurse needs to administer meds. There are 30+ medical specialties of doctors plus nurses, pharmacists, clerks, respiratory therapist, physiotherapists, etc., etc., who all need millions of dollars worth of software. And you can't piecemeal it- they all have to work together. It doesn't mean shit if I, as a family doc, have an EMR if all the specialists are sending me faxes.
Bottom line, if Apple wanted to make a great EMR, they would need a viable place to start and Epic is probably that place. Cramer is right. But the EMR industry, while big, is too risky and Apple won't touch it.
”no” before saying one “yes”. In other words, focus, and then be consequent.
I would have no issue if Apple bought out Epic or someone else out there for billions - if they go all in and don’t drop the ball half way. They really could bring a lot to the table of administrative systems. But currently we have half hearted music steaming, some core services that need attention (such as Siri) to really really be on “it just works” level.
Then some stuff around self driving, AR.
I agree that Apple should think in many directions but then be fully committed. How is Apple’s foot in the door of supporting school system doing currently? After some media hype, is Apple consequent enough for schools and teachers to really rely on it - or does it go the ping way? That’s the biggest concern I would have. Other than taking away valuable resources potentially used to create real value-add somewhere else.