The Story
Valor Behavioral Health · Apr 2022 – Present · Balance Sheet Apr 5, 2026
⬤ QBO LIVE
Founded
Apr 2022
$0 revenue · $65K startup
2023 Revenue
$515K
-54% margin · first full year
2024 Revenue
$3.78M
Breakout · 42% margin
+634% YoY2025 Revenue
$5.79M
Scale year · 36% margin
+53% YoY2026 YTD Revenue
$0.000M
Live from QBO
Total Equity
$1.14M
0.12× debt · 89.5% equity
Revenue & Margin — Annual History
2022
$0
2023-54%
$515K
202442.1%
$3.78M
202536.2%
$5.79M
YTD
…
The Story
2022 — INCEPTION
Zero to Launch
Ryan Lichterman and Charles Van Leuven launch with $65K startup costs. Licensing, facility, clinical infrastructure built from scratch in Atlanta, GA.
2023 — FIRST REVENUE
$515K · Finding the Model
First full billing year. $795K expenses create a -54% loss — normal for behavioral health year one. 13 employees by year end.
Revenue: $515KLoss: -$280K
2024 — BREAKOUT
$3.78M · The Inflection Point
Revenue explodes +634%. Payer contracts mature. 42.1% operating margin — exceptional for outpatient behavioral health. 22 concurrent staff at peak.
Revenue: $3.78MProfit: $1.59M
2025 — SCALE
$5.79M · Building the Machine
Revenue +53%. Admissions dept created. Greg Holden joins as COO (W-2, ADP). Charlie CMO $100K salary ends Dec 2025. Peak 33 concurrent staff. $1.62M owner distributions.
Revenue: $5.79MProfit: $2.10M
2026 — NOW
Live from QBO ↓
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Balance Sheet — Apr 5, 2026
| Total Assets | $1,269,478 |
| Cash | $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
Outpatient MH & Substance Abuse · Atlanta GA
Revenue
Top 30%
Op. Margin
Top 15%
Growth
Top 5%
Labor %
In range
Live Key Flags
⏳
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The Pulse
Monthly ops dashboard · Billing · Collections · Census · Payer performance · 2026 ⬤ QBO LIVE ⬤ SHEETS LIVE
Q1 Total Billed
$0.000M
From billing workbook
Q1 Collected
$0.000M
0% rate
Q1 Expenses
$0.000M
From QBO
Q1 Op. Profit
$000K
0% margin
Best Month
March
$567,691 billed · Record
The Numbers
Full P&L direct from QBO · Every line item live · Click any row to expand detail ⬤ QBO LIVE
YTD Revenue
$0.000M
vs budget
YTD Expenses
$0.000M
vs budget
Operating Profit
$000K
margin
Ryan CEO Salary
$50,000
$16,666/mo × 3 · QBO Owner Expense · NOT ADP
Charlie CMO Salary
$0
Ended Jan 2026 · Distributions only
Pulling from QuickBooks...
Pulling January from QBO...
Pulling February from QBO...
Pulling March from QBO...
Payroll
ADP Run data · Active headcount (concurrent, not unique) · Staff roster · Pay periods
⚠ Key Distinction: ADP shows 98 unique individuals in 2025 payroll — concurrent active per period ranged 21–33, avg ~26. 2026 stabilized at 30–35 concurrent. Click any dept to expand.
View year:
The Spending
Vendor intelligence · Year-over-year · Source: QBO Transaction Detail ⬤ QBO LIVE
Savings Opportunities
🚨
UHC 29.2% collection rate — $22K+ recoverable. Escalate via Hansei immediately.
⚠️
Google Ads over budget Q1. Confirm attribution before Q2. Cap at $10K/mo if admissions can't be traced.
⚠️
Software stack growing without budget updates. Amortize annual fees in budget revision.
✅
Health insurance QBO Q1 appears understated. Verify Cigna invoices are posted.
✅
Hansei scales with revenue. At $500K+/mo, renegotiate rate — saves $20–30K/yr.
💡
Holden 6590 discontinued. $91K historical was bonus structure — ended. 6590 = Schrank + Hines only.
💡
AVERY IT growing with headcount. Get fixed annual retainer to cap exposure.
Live Spend from QBO
Expansion Intel
Market research · Nashville pre-loaded · Feasibility calculator · Licensing timeline
TN MH Access Rank
43rd
Nationally — high unmet need
IOPs in Nashville
42
Competitive but undersupplied
Therapist Salaries
8–12%
Below Atlanta — cost advantage
Ambetter TN Growth
+12%
2025–26 membership
Nashville Market Intelligence
| Class B Office | $28–38/sqft/yr · $12–16K/mo for 5K sqft |
| Therapist avg salary TN | $64–74K/yr |
| State income tax | $0 — None in TN |
| TN DMHSAS licensing | 6–12 months |
| Joint Commission | 12+ months |
| Earliest realistic opening | 9–14 months from start |
✅
Valor payer relationships (Ambetter, Anthem, Oscar, Cigna) all active in TN. Start credentialing before opening.
⚠️
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 |
| Market growth | Moderate | Faster |
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 (Ambetter, Anthem) | 3–6 mo | Month 1 |
| Facility Lease + Build-out | 3–7 mo | Month 2–3 |
| Clinical Staff Hiring | 2–3 mo | Month 4 |
| 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 credentialing
☐ Engage Nashville commercial real estate broker
☐ Site visit: 3+ candidate locations
☐ Recruit TN Clinical Director (license holder)
☐ Adapt QBO chart of accounts for second entity
☐ Confirm ADP supports multi-state payroll
☐ Review Kipu EMR multi-site licensing
☐ Draft 24-month proforma (use calculator)