The home medical equipment provider has appointed an industry veteran as CEO to support its growth initiatives.

Summary: Performance Home Medical (PHM), a provider of home medical equipment and respiratory services, has appointed Larry Mastrovich as its new CEO following an investment from Grant Avenue Capital. The appointment reflects PHM’s focus on expanding its services, growing its team, and accelerating business development, particularly in sleep apnea and chronic care disease management. The new CEO brings decades of experience in leadership, operations, and strategic growth within the healthcare industry.

Three Key Takeaways:

1. New Leadership for Expansion: PHM appointed Larry Mastrovich as CEO to lead the company through its next phase of growth and expansion following an investment from Grant Avenue Capital.
2. Focus on Sleep Apnea and Chronic Care: PHM has served patients with sleep apnea for over two decades and is looking to expand its offerings in chronic care disease management under new leadership.
3. Industry Expertise: The newly appointed CEO brings more than 30 years of experience in healthcare, including leadership roles at Apria Healthcare and Breathe Technologies.

Performance Home Medical (PHM), a home medical equipment and respiratory services provider, announced that Larry Mastrovich, who has served as company chairman since January, has been named chief executive officer. 

Mastrovich’s appointment follows healthcare-focused private equity firm Grant Avenue Capital’s investment in PHM and reflects PHM’s focus on expanding its footprint, bolstering its team, and accelerating business growth.

“I am excited to step into the CEO role at this pivotal point in PHM’s evolution,” says Mastrovich in a release. “PHM has served its core sleep apnea patient base meaningfully for over two decades, and I look forward to building upon this foundation to continue improving outcomes while supporting patients to address chronic care disease management. With the support of the talented PHM team and Grant Avenue, we will continue to expand the business across new geographies, products, and services.”

Background in the Healthcare Industry

A seasoned healthcare industry executive, Mastrovich brings three decades of leadership, operations, sales and marketing, and strategic transaction experience to PHM. For more than 25 years, Mastrovich worked at Apria Healthcare, a home care provider of respiratory products, oxygen therapy, ventilation, CPAP machines, and home infusion therapy, most recently as president and COO. 

Prior to joining PHM, he served as president and CEO of Breathe Technologies, a medical device manufacturer for respiratory products specializing in ventilation and sleep apnea solutions.

“The home medical equipment market plays a crucial role in shifting the site of care to the home, when clinically appropriate and beneficial to the patient,” says Brian Berkin, partner at Grant Avenue Capital, in a release. “Although over 30 million Americans have sleep apnea, only a portion are diagnosed and receiving care. We are confident that under Larry’s leadership, PHM will be well-positioned to grow its access to patients who are out of reach from home-based solutions today.”

Eric Kim, principal at Grant Avenue Capital, adds in a release, “We are pleased to partner with Larry, who brings a wealth of experience in scaling differentiated healthcare businesses. We look forward to working closely with him and the entire PHM team as we continue to support the Company’s organic growth efforts, add-on acquisitions, and investments in technology.”

Founded in 2001, PHM provides critical home care services to patients in need of obstructive sleep apnea, oxygen, ventilator, and continuous glucose monitoring device and supply needs.

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