Epic Systems, the nation’s leading provider of electronic health records (EHR), continues to dominate the healthcare software market. While Epic has plateaued in acquiring new health system clients, it far outperforms its competitors, particularly Oracle Health (formerly Cerner). According to Becker’s Health IT newsletter, between 2017 and 2022, Epic added 434 hospitals and nearly 95,000 new beds, while Oracle gained only 99 hospitals but lost almost 8,000 beds.
Epic’s reach extends far beyond hospitals. All 22 institutions on *U.S. News & World Report’s* Best Hospitals Honor Roll use Epic’s software, solidifying the company’s grip on the market. Brendan Keeler, a Portland tech executive and former Epic employee, notes that the company’s next phase of growth lies in selling to ancillary healthcare players, such as medical device manufacturers and specialty labs.
However, with Epic’s massive influence comes antitrust concerns. Critics, like health-tech writer Seth Joseph, argue that Epic’s market dominance stifles competition. The company has drawn scrutiny for monopolistic practices, though legal experts believe that a federal antitrust case is unlikely unless Epic makes significant missteps. Epic, meanwhile, has remained well-prepared, showing a willingness to defend itself in court if necessary.
On the innovation front, Epic continues to expand its offerings. The company is investing heavily in Artificial Intelligence, with more than 100 AI projects either in development or already in use. One of its most ambitious ventures is *Cosmos*, a massive anonymized database of 13 billion patient-clinician encounters, which is proving invaluable to medical researchers and potentially life-saving for patients.
Yet, despite these advances, Epic is not immune to criticism. MyChart, Epic’s popular patient portal, remains the best in class but has seen a decline in user satisfaction. Epic President Carl Dvorak addressed this at their annual conference, acknowledging the need to rethink and improve the platform to enhance the digital patient experience.
Financially, Epic is thriving. The company reported $4.9 billion in revenue for 2023, a significant increase from $3.2 billion in 2019. While Epic downplays the idea that its new product lines are merely for generating revenue, it’s clear that the company is positioned for continued growth, albeit under the shadow of potential antitrust scrutiny.
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