Ep 338 Business Building in the Senior Care Market with Tatyana Zlotsky, CEO of a Place for Mom; New York, NY, USA

Speaker A: Welcome to Disruptive CEO Nation, where company founders, entrepreneurs and cutting edge thinkers drop in from around the globe to share startup stories, insider insights and hard earned success lessons. Now here's your host, a woman who mastered business by placing heels on the ground all over the world, having worked with and coached CEOs and senior leaders from over 90 countries, and who wants you to build your best business future. Alison K. Summers.

Speaker B: Hi, everyone. Welcome to this episode of Disruptive CEO Nation. We're going to go to an area of business that we actually haven't touched on in this podcast before and I am so excited for our guest. We're going to talk about business trends and disruptions and how we should be looking at taking care of seniors and the senior sector of our, our business. And so we have Tatiana Slotsky, who is the CEO of A Place for mom, who's going to tell us about what they do, but also give us some wisdom and insights into some trends and some things that we should be thinking about. For this category, um, Tatiana is in New York City and I hope it's a beautiful day where you are, because it is here. But Tatiana, welcome to the program.

Speaker C: Thank you so much for having me. I'm really excited for the conversation and it is in fact sunny and beautiful.

Speaker B: So tell everybody, um, they might think they know what A Place for mom is, but in your own words, help us understand what the mission is of the company and what beautiful things that it does today.

Speaker C: Absolutely. Um, A Place for mom is a platform that connects 15,000 senior care providers, which includes senior living communities and home care agencies with over 20 million families. Our role is really to help, um, seniors and their loved ones navigate the senior care journey. Help them make confident decisions. Our mission is to guide caregivers into a place of confidence so that they can focus on what matters to them most, which is actually loving each other versus just making sure that everyone is safe.

Speaker B: I love that and I'd love to just touch base on if you could, um, on your thoughts on this concept of longevity, um, and what we should be thinking about for our seniors.

Speaker C: Yeah, well, the stats around the senior population increasing are quite staggering. So if you look back over the last 10 plus years, the population of seniors, defined as adults over 65 years old, grew by 40% from 2010 to 2020. Um, so that put us at about 55 and a half million seniors. Now looking out, by 2050, it's projected to reach 82 million. So we're going to have 82 million seniors, um, in a time not that Far away. And the question is, is lifespan equal to health span? And I would say that it's not often. Right. So we are thinking a lot about how to extend healthy lives of seniors and how to really help them navigate that journey. So an example is we want to move away from just keeping seniors safe to actually thinking about engaging them, creating wellness programs, socialization programs, ways for them to connect with others. I've heard things as extreme as women and men in their 90s going skydiving. And that's a real story. And so, you know, we want to push the envelope of uh, what can be possible for folks in their 80s and 90s. We want to identify partners and places and people that help them live the best version of their life, um, and have great experiences. And I think that's a very different way of thinking than we used to before, which was mainly focused around protecting our seniors, keeping them safe and tending to, to their illnesses.

Speaker B: So as an expert in this area, what are some of the things that you're seeing, um, how are you seeing technology disrupt just the lives of seniors?

Speaker C: You know, I think senior care is an industry that is quite ripe for disruption. Um, there are incredible developments taking place across healthcare, across consumer space, and I think it's quickly coming to, to the senior care space. So I would really think about it in sort of three buckets. The first thing we have to do is make the experience better for seniors themselves. And that goes to the point we just covered, which is focusing on wellness, um, their engagement, personalizing their experience, and making sure that of course, their medical needs are taken care of. The second component of this, and I'd love to talk more about this important role, it's the caregiver role. We find that most of the folks that reach out to us are actually caregivers, family caregivers of, uh, their senior loved ones. They tend to be women, they tend to be in their 50s and 60s. And the way that the system is orchestrated today, it's actually quite ironic because the caregivers have a difficult time inserting themselves into the seniors journey. It's difficult for them to access their records, it's difficult for them to assist them to many doctor's appointments and to be part of their medical and health care day to day. And so I think the other place that's ripe for disruption is collaboration, tools and access to make it easier for caregivers to stay connected, even simple things. This is something I went through with my grandparents. How do you keep an eye on them when they're home alone? There's no great solution. People use off label solutions of Alexas and Nest cameras and all these different devices, but there are no senior specific solutions for caregivers to have that peace of mind. Then the third tier is really providing new solutions and technology for the providers, whether that's assisted living communities or home care agencies. AI automation and better workflows have a great promise of improving their day to day of removing redundant and um, you know, our heavy tasks and replacing that with technology so that the folks that are in that industry are able to do what they love most, what they're most passionate about, which is spending time and taking care of our seniors. So that shift, I believe will unlock um, a lot of good for our society at large.

Speaker B: No, absolutely. I want to come back to the caregivers, but before we do, I want to just one of the things that again, you watch these trends and for anybody who's interested in this topic, you need to follow Tatiana on LinkedIn. I, um, know you recently wrote a New York Times piece again about um, a story about a senior. Can you just briefly share that with our listeners?

Speaker C: Oh, I wish I wrote it. I didn't write it, but I did post about it because I thought it was wonderful. Um, and it was, um, it was a piece from the New York Times and it was called Can AI Make People Feel Less Lonely? And it's, it's a beautiful story around this woman, Jan, who's 85 years old and after her husband passes, she's now living alone. Um, and she has a robot called Ellie Q that is in her home. And it starts to really unpack, in Jan's words, the connection that she builds with this robot. Um, it replaces the silence in her home with conversation and jokes and laughter. And it even tells this incredible moving moment in Jan's life when she receives a phone call from her son sharing the devastating news of the fact that her grandson has died in a car accident. And it uh, she describes how this robot came over to comfort her and had these chimes and had, you know, these lights and all, you know, had this conversation with her saying that she was there for her. And she refers to the robot as a she and says she cares about me. And I knew that she cared. And so it was a very touching piece. And you know, it also brings the forefront, this tension that we have, which is, I think all of us would agree that we would like for Jan to be with a human. We would like for Jan to be with her son or with a friend in this situation. And Just on a daily basis perhaps, but it's not a reality for her. And so when it's not possible, do we think that robots and AI in general are an effective substitute? You know, um, do we still want to be heard and listened to even though it's not by a person? And you know, I thought it was a really profound and important question. I believe that yes, when we can't have a human, there is a role for technology to play to comfort people, to make them feel less lonely, to advance our healthcare system, um, and to just help us all be a little bit more productive. But, um, it is quite controversial. So I don't know. What do you think?

Speaker B: I think with the right platforms and the right tools, it's incredibly helpful. I think there is, we talk about and hear about in the news loneliness epidemics in all sorts of different categories and stages of human life and um, you know, but how we put the guardrails around protecting the mental health I think is important. But I am a technology forward person. So you ask me and I'm going to be like, no, that is great. Any tool that you can use. Um, I have older parents and it took us like two years to get my mother on Snapchat, but now she's been on it for about three years. It's her daily go to, to see if, um, because all the grandkids are on it to see what is in there. Whether it's a picture of a dog or a duck in the backyard or whatever. It makes her feel connected just to have that one Snap photo a day. So I think technology can be used in such great way ways. I want to jump to the back to the caregiver and to a place for mom's business model and changes that are happening there. Because we can't talk about what you do for a business and the way you operate without how caregivers and how people find you come to you and are, you know, because we're seeing the world change, right? It's not just basic web search anymore. We have all of these different, uh, AI tools. I mean, um, we're all building for the agenic age. But tell us a little bit about some of the changes you've seen coming from the consumer, how they get to you and any changes that you might be making from either marketing or pathways to make it easier to use your services.

Speaker C: No, absolutely. Um, so let me paint a picture first of the target customer and the core customer. Um, so as I mentioned, usually a female, um, and what she's faced with is Often a sudden onset of responsibility of having to take care of a parent, um, or a mother in law or father in law. And what we find is that, you know, nearly 75% of our caregivers tell us that they felt unequipped to m, meet these demands of caregiving because it's, it's a lot and it's something that most people don't plan for, you know, which is, which is a who topic. Um, that then leads to extreme stress, anxiety for the majority of the caregivers we speak with. And many of them, to the tune of 40%, actually report their own personal mental health declining as a result. And so I actually often talk about, um, the caregiver, the family caregiver as a second patient. And that second patient story is not being told enough. Um, and so caregivers, primarily women, are signing up for this responsibility because they also don't have another option and it is costing them financially, mentally and physically. And so this is, this is the group that we really exist to help, um, and the way that people have found us. Traditionally, as I mentioned, you know, over 20 million people come to a place for mom, um, on an annual basis. People used to find us through television ads. We used to have, you know, amazing ads. And, um, and we still run television ads, uh, to some extent, um, but that was the primary way people would discover our service. We then became an online and digital company. And um, you know, a lot of our, um, engagements came from our website and a lot of our advertising. And then most recently we've had to look at our business, um, and evolve into an AI company. That means a few different things to us. Um, first, we know that caregivers are using AI to do research across all products and categories in their lives. We're finding that even in our category in senior care, more than half of them are starting the search on an AI platform of some sort. And so whether that's Google turning into Gemini or other, um, tools that they're using. And so we have had to do a couple of things. One, we had to restructure the content, the way it shows up on our website to ensure that it actually connects directly into the AI platforms. And so things like, um, ensuring that we have expert content cited whenever possible, ensuring that we have, um, really helpful tools and guides pointing the AI solutions to the answers that we have. So we always had the tools, I would just say we had to restructure the way we surface them for the AI agents and platforms. And that has helped us rank to be number one. Answer and number one, link out in the searches that caregivers are conducting, um, on AI platforms. The second piece is we're experimenting with then using AI tools inside of our business. Um, whether that's improving efficiency of many workflows or, or um, providing additional tools for providers and families. We're starting to infuse AI into the day to day more and more. And again going back to the broader disruption that's ripe in senior care, we really view ourselves, um, as the largest caregiver platform in the industry. We see it as incumbent upon us to lead the change and to lead the transformation when it comes to technology.

Speaker B: So I want to flip to talk more internal, um, and follow on what you were saying about Inside the Business. And you're an interesting CEO for me to speak to because you came to the business a, um, while ago in the role of cmo, held different roles, are now the CEO and you've seen the company grow and evolve and change within that. Can you tell us about the framework of the company values as my first question? And then I want to ask you a question about growth. But let's start with what are the values that um, we would find if we came into a place for Mom?

Speaker C: Yeah, of course. Thank you for asking that because it is something very, uh, near and dear to my heart. And I would say just even before, um, the CMO role, I joined the company because I deeply care about the space. I was a caregiver myself to my grandparents. And so what I brought to the CMO role and now the CEO role is very deeply personal. Um, and so that probably won't surprise you. As a result, I took a lot of time to refine the mission of our company and to develop in partnership with the broader team, um, the values that will guide us. And so the specific actual mission of the company is to guide caregivers and their loved ones to a confident place so families can focus on what matters most. And so that's why we exist. We've existed for 25 years in support of a version of this story. So how do you develop the right values that serve as the compass of how we make decisions every day? Um, the five values we came up with as an organization are mission over me, do hard things, drive outcomes as a team, win the right way and embrace change. Mhm. And you know, I had very strong thoughts on what I thought were the right values for the company. But as a CEO, it's not only about your perspective. And so the leadership team and I spent probably about three months Doing roundtables with many, many people, you know, about 900 people in the company, um, getting input and really refining these both so that they resonate with people and then also choosing the specific words. I believe words really matter. Choosing the specific words that uh, folks could connect with. And so just developing those values is only the foundation. Um, they can easily become just a sticker on a wall, ah, or something that you say in a company presentation. But for me it's really important that we actually live them in day to day. So we do that in a couple of different ways. First, in my quarterly town halls we have recognition of a person, a team member that's exemplary and living a specific value for each five of our values every single quarter. And we explain the story and then we recognize them and we um, celebrate them. Second of all, I made the adjustment to actually move away from our year end process being 100% focus on goals to adding 25% to shifting 25% of that weighting to whether or not our team members are leading with our values. And then the third thing is it's all about the people, right? I believe that we lead by example. And so I make it a top priority to demonstrate my commitment to those values. When I make decisions, I try to link and label them to one of our values. And also hiring the right team, my executive team and the leadership team at large that share um, that chair that in common. A huge part of my interview process is actually very focused on making sure that there is alignment in the values with the person that we're bringing into the company. And I will interview people, you know, all the way to individual contributor levels to make sure that we have the right fit. Um, and then constantly using that, you know, right now mission, uh, over me was something that we just talked about a little bit earlier today. We were faced with a business decision and we were grappling with what to do. And you know, one of the team members which I always love hearing is like, well, mission over me. We have to choose a. Because that's the right answer, right for the families. And so it really has become part uh, of our day to day vernacular and something that I find tremendously helpful. And lastly on this point we have a, ah, nearly 90% rate of employees that say they connect with our purpose and mission of the company. And that's incredibly high. I've worked in a lot of great companies before that, um, and we weren't able to achieve rates like that. And everyone that comes and joins the company reports that it is, feels and is unique. And so I think that work is worth it for any CEO. Um, but it has to be authentic and genuine because otherwise it just. It's sort of otherwise a waste of time.

Speaker B: Well, you just shared some really great things, and I just want to challenge you, um, to share something else that if you and I met and we're having coffee or a cocktail, either one, um, and you were sharing something about the business that is an amazing thing that you feel so proud of in the time that you've been there. What would be something that you would say, wow, my team, we did this. This is what's really so incredible about A Place for Mom.

Speaker C: You know, we've accomplished a lot of milestones, but I would say that the thing I'm most proud of is the everyday support that we offer to the thousands of families we speak with. And again, that's not a line I. It's true. I do. And probably an abnormal amount of call listening, as my team would attest to. You know, I start any problem that we have whenever we're trying to make a decision. I always say, you know, send me 20 calls on this topic. Let me listen to 20 calls of how we've handled this or, you know, how we do this. Um, and every time, I'm just blown away by the conversation. You know, our average conversation length is about 25 minutes, 35 minutes. We never manage to make that shorter. We actually would like those to be as long as possible. And when you listen to that, it is, um, so heartening because people come to us not knowing what to do. And so what I'm most proud of is continuing to invest in, in the team that is having those conversations, um, continuing to support them and to continuing make additional resources available to the families that reach out to us. We work with a lot of, um, folks that are high net worth. You know, they come from different places into our company. And people always ask me, oh, who should we put them in touch with? Like, you know, who should be the person? And I said, anybody. We should put them in touch with the advisor in that region because they will do the best job possible. We. I feel tremendous confidence in knowing that all of our people care so deeply and do a tremendous job helping families, and there's just, there's nothing else like that.

Speaker B: I absolutely love and appreciate the example you gave of. Let me hear, uh, 20 phone calls. I. I think too often, not Most of the CEOs that I speak with, but, but too often business leaders get too far removed from what the actual experience Is. And so I love that grounding. I think of the story of, um, Barack Obama when he was president, he used to have the staff, you know, hundreds and hundreds and hundreds of letters would go to the White House every day and he would have the staff pull 10 letters that he would actually read every day that represented what came in. And I think you're lovely example of no, let's listen to it is great advice for people.

Speaker C: Um, oh, and that's something my team will tell you. I'm very, um, very, very clear on. If we. When a new team member joins, they have to visit communities, they have to listen to phone calls. Unless you know your customer and you understand them, in my view, you really can't contribute effectively. Um, calls are a huge part of that. And then the other thing that we do that I would share with folks that's made a big difference. We get together in person, my leadership team and I, once a month for two days. And the first 30 minutes of that meeting every month is we write handwritten thank you notes to teams, to team members inside the company. Um, so different than customers, which we also do that. We do a lot of customer facing, um, interactions. But this is focused on any team member, certainly not on your team, anywhere in the company. Someone that has done, um, something great to support a family or the company related to the values. And it is, um, very gratifying to be grateful, I think in life in general, and particularly to be able to express that gratitude on a monthly basis. Um, has really become a part of our fabric.

Speaker B: I love it. I want to ask you what brings you joy outside of work?

Speaker C: Oh, um, that's so fun to ask. Um, So I have two boys. Um, they are going to be 14 and 11 next month. And so they bring me a lot of joy and, uh, eat up the majority of the time that I have outside of work. Um, m. My husband and I love to travel. Um, we do try to find time to have date night once a week, which I cherish. Very difficult to be able to find the time, but we do try to protect that. Um, and then we're big on family and very sadly I lost both of my grandparents and my father over the last two and a half years. Um, and so it's my mom and I. She's an only child and I'm an only child, so we spent a lot of time with grandma, um, and a lot of time with my husband's family. Um, I do work out quite a bit. I like yoga, I like running. I like all those weird Healthy, uh, classes with cardio and weights. Um, and so, yeah, but I think my work, because it's personal, is my hobby. Like, people will ask me what's hobby? And I. Maybe that's a sad answer to some people, or maybe some people would think. I'm. I'm just saying that. But it's true. You know, it's my work. If you love doing your work, it really is your hobby. And, uh, I talk a lot about my work with my children, with my family. Um, and it's just a really important part of our collective life.

Speaker B: No, I love that we are always looking for tips. Uh, is there anything that you are reading, listening to, watching, following that you would recommend to our listeners that they should check out?

Speaker C: Yeah, absolutely. Um, one of the, One of the things, uh, it was actually advice from a mentor of mine, um, a while ago, was to study successful people. To be successful, you have to study successful people. And it turns out I really love people's stories. And so I read a lot of. And listen to a lot of personal stories. So anything by Walter Isaacson, you know, whether that's Steve Jobs or Elon Musk or Benjamin Franklin, he just does such a tremendous job, um, unpacking all the nuance and complexities of human beings and what, you know, what drove them and what made them successful in their own right. Um, I listened to that. To that end also, I listened to the Founders podcast, which is wonderful. Um, he kind of does the reading for you. Um, he does these deep dives. You know, sometimes they're up to two hours long on a, ah, person and their story or a part of the story. Because some people, you know, like Jeff Bezos has like, multiple things you want to unpack. Um, but he reads multiple books or multiple sources or does interviews and then brings that forward to his audience. So you can really start to understand why, you know, why this, this leader became who he or she is and normalizes a lot of the things that I think don't get talked about. Um, and then recently I just, um, I read Barry Dillard, uh, and his book, the new book that he has, who Knew? And I would highly recommend it. I think he has a really prolific, interesting life, particularly, you know, being in New York. So many contributions to our city and uh, and to many, uh, media and cultural moments that, that many of us grew up around. So I was. That was a great read.

Speaker B: Great, great tips, great advice. Hey, if we come to talk to you in another two, three years, what's the vision for a Place for Mom? Um, what do you hope the story is when we go forward in time?

Speaker C: Oh, uh, that's a great question. Um, I think the story is that A Place for mom is the leading household brand for both caregivers and seniors. That we have made progress in normalizing for caregivers to get help so that they don't have to do it alone. And we have a, uh, flourishing and robust network which offers great services and options to seniors that support their well being, emotional and physical, into the. Into the journey of aging.

Speaker B: Fantastic. I'm so grateful that you came and shared all this knowledge with us. If people want to learn more, connect with you, where should they go and what should they do?

Speaker C: Absolutely. I'm on LinkedIn, uh, fairly active. Um, and so please, um, follow me. I post quite a bit. Um, but also feel free to drop me a note. Uh, it's Tatiana Dodds. Lots of at A Place for mom. And I always welcome hearing from folks.

Speaker B: Hey. To our listeners. If Tatiana shared something that you think somebody else needs to hear, um, or if you just want to, again, follow her to get more information of trends in this space, find her on LinkedIn. As always, if there's a disruptive CEO that you think we should speak to, send me a note @connectlison K summers.com until we speak again. Keep your eye on the future and always be disruptive. Hey, thank you so much for joining us and m sharing with us about A Place for Mom.

Speaker C: It's my pleasure. Thank you very much.

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