The Story
Valor Behavioral Health · Apr 2022–Present · Balance Sheet Apr 5, 2026 ⬤ QBO WEEKLY 📊 BILLING DAILY
Founded
Apr 2022
$0 revenue · $65K startup
2023 Revenue
$515K
-52% margin · first year
2024 Revenue
$3.78M
Breakout · 42% margin
+634%2025 Revenue
$5.79M
Scale year · 41% margin
+53%2026 YTD
$1.25M
QBO thru Apr 7 · Billing live Apr 12
Total Equity
$1.14M
0.12× debt
Revenue & Margin — Annual History
2022
$0
2023-52%
$515K
202442.1%
$3.78M
202541.4%
$5.79M
YTD5.5%
$1.25M
The Story
2022 — INCEPTION
Zero to Launch
Ryan Lichterman and Charles Van Leuven launch with $65K. Licensing, facility, clinical infrastructure built from scratch in Atlanta, GA.
2023 — FIRST REVENUE
$515K · Finding the Model
First full billing year. $785K expenses, -52% margin — normal for behavioral health year one.
Revenue: $515KLoss: -$270K
2024 — BREAKOUT
$3.78M · The Inflection Point
Revenue +634%. Payer contracts mature. 42.1% operating margin. 22 peak concurrent staff.
Revenue: $3.78MProfit: $1.60M
2025 — SCALE
$5.79M · Building the Machine
Revenue +53%. Greg Holden joins as COO (W-2, ADP). Charlie CMO salary $100K ends Dec 2025. Peak 33 concurrent. $1.62M owner distributions.
Revenue: $5.79MProfit: $2.40M
2026 — NOW
Live from QBO + Billing Workbook
QBO thru Apr 7: YTD Rev $1.25M · Exp $1.18M · Net $68K (5.5% margin). April billing $218K · deposits $211K thru Apr 12 (Workbook, live). Cash $302,879 (Chase, live). Next payroll Apr 17 adds ~$201K to April expenses.
Balance Sheet — Apr 12, 2026
| Total Assets | $1,269,478 |
| Cash — Chase Live ✓ | $302,879 |
| QBO balance sheet (Apr 5) | $287,193 |
| Due from Praxis ⚠ | $642,141 |
| Fixed Assets (net) | $266,889 |
| Total Liabilities | $133,725 |
| Total Equity | $1,135,753 |
| Current Ratio | 9.90× |
| Debt-to-Equity | 0.12× |
Industry Benchmark — NAICS 621420
Revenue
Top 30%
Op. Margin
Top 15%
Growth
Top 5%
Labor %
In range
Key Flags
✅
YTD Op. Profit: $68K — 5.5% margin per QBO thru Apr 7. April payroll (~$201K) posts Apr 17 — will adjust April net.
💵
Cash $302,879 — Chase live Apr 12. Up $15,686 from QBO balance sheet (Apr 5).
📊
April billing $218K · deposits $211K thru Apr 12 — from 2026 Summary Workbook (daily). Not yet in QBO.
🚨
UHC 29.2% collection rate — $22K+ recoverable. Escalate billing.
⚠️
Praxis receivable $642K — 50.6% of assets. Formalize repayment agreement.
✅
Charlie CMO salary $0 in 2026 — $100K/yr eliminated.
The Pulse
Monthly ops · Billing & Collections · Census · 2026 — Billing data: daily accurate via Google Sheets · QBO expenses: weekly posting ⬤ BILLING DAILY
The Numbers
Full P&L · QBO posted weekly by accounting team · Current month finalizes ~10th of following month ⬤ QBO WEEKLY
YTD Revenue
$1.25M
Jan–Apr 7, 2026
YTD Expenses
$1.18M
All accounts
Operating Profit
$68K
5.5% margin
Ryan CEO Salary
$50,000
$16,666/mo × 3 · Owner Exp · NOT ADP
Charlie CMO Salary
$0
Ended Jan 2026 · Distributions only
⚠️
QBO May is an open, partial month. Accounting team posts weekly — expenses shown reflect only what's been entered so far. May fully closes in QBO around June 10. Run ↻ Refresh to pull latest posted entries.
📊
Billing data is daily-accurate. May billed, collected, and deposit amounts in the Pulse tab come from the Google Sheets workbook and are current as of today.
Payroll
ADP Run data · Active headcount (concurrent, not unique) · Staff roster · Pay periods
Year:
Year:
⚠️
ADP shows 98 unique individuals in 2025 — concurrent active per period ranged 21–33, avg ~26. 2026 stabilized at 30–35 concurrent.
Year:
Year:
The Spending
Real QBO transaction data · 23,297 transactions · 92 accounts · 2022–2026 · Posted weekly by accounting team ⬤ QBO WEEKLY
Year:
Month:
Savings Opportunities & Flags
🚨
UHC 29.2% collection rate — $22K+ recoverable. Escalate to Hansei immediately.
🚨
Alexis Story Coaching LLC — NOT a group facilitator in 2026. Any QBO 6115 entries for her in 2026 must be recategorized.
⚠️
Google Ads over budget Q1. Verify admission attribution before Q2. Cap at $10K/mo if untraceable.
✅
Charlie CMO salary $0 in 2026 — $100K/yr operating expense eliminated.
✅
Greg Holden COO W-2 only. Historical 6590 ($91K) was discontinued bonus structure.
💡
Hansei scales with revenue. At $500K+/mo sustained, renegotiate rate — saves $20–30K/yr.
Expansion Intel
Market research · Nashville pre-loaded · Feasibility calculator
TN MH Access Rank
43rd
Nationally — high unmet need
IOPs in Nashville
42
Competitive but undersupplied
Therapist Salaries
8–12%
Below Atlanta — cost advantage
State Income Tax
$0
Tennessee — none
Nashville Market Intelligence
| Class B Office | $28–38/sqft/yr |
| Therapist avg salary TN | $64–74K/yr |
| TN DMHSAS licensing | 6–12 months |
| Earliest realistic opening | 9–14 months |
⚠️
Resolve Praxis $642K first before deploying expansion capital.
Atlanta vs. Nashville
| Factor | Atlanta | Nashville |
|---|---|---|
| Labor cost | Baseline | -8–12% |
| Real estate | Baseline | -10–20% |
| State income tax | GA 5.49% | TN 0% |
| IOP competition | High | Moderate |
| Payer density | Excellent | Strong + growing |
Feasibility Calculator
Enter parameters and calculate
Licensing Timeline
| Milestone | Duration | Priority |
|---|---|---|
| TN DMHSAS Application | 6–12 mo | Start Now |
| LLC Formation TN | 1–2 wk | Start Now |
| Payer Credentialing | 3–6 mo | Month 1 |
| Facility Lease + Build-out | 3–7 mo | Month 2–3 |
| Earliest Opening | 9–14 mo | Post-license |
Pre-Launch Checklist
☐ Resolve Praxis $642K — formalize repayment
☐ Engage TN healthcare attorney (DMHSAS)
☐ Form Valor TN LLC
☐ Contact Ambetter TN + Anthem BCBS TN
☐ Engage Nashville commercial RE broker
☐ Recruit TN Clinical Director (license holder)
☐ Adapt QBO chart of accounts for second entity
☐ Confirm ADP supports multi-state payroll