Savings Opportunities

Substantial cost, risk, and time savings opportunities for companies of all sizes!

SAVINGS OPPORTUNITIES

BY INDUSTRY

CONSTRUCTION INDUSTRY STATS 2021

Q

Avoid Fines

When an accident, inspection or audit occurs, are you confident in your ability to produce the documentation?

In 2021, first time serious OSHA violations start at $13,653 while repeat violations range up to $136,523. [OSHA]

1 in every 10 construction workers is injured annually. Are you prepared for an OSHA inspection? [OSHA]

Avoid Lapsing Fees

How much have you spent on additional fees for lapsed licenses or equipment?

An Electrical Contractor (50 employees) using TMX saved an estimated $10,000 by avoiding expediting fees last year for meter calibrations and equipment testing.

Lapsed licenses also contribute to lost production time. This will cost your company thousands of dollars and potentially damage your reputation.

Contain Insurance Costs

What risk mitigation tools are you using to lower your underwriting cost?

A study by the American Society of Safety Engineers found that for every $1 spent on a quality safety and health program, the businesses saved $8 [CBO]


Insurance underwriters have the ability to modify their rates up to 25% based upon several risk mitigation strategies including using TMX Compliance.


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Mitigate Accidents

Do you know if your employees or contractors are qualified to be working on their job site or operating your equipment?

Construction companies can save an average of
$32,000 for each injury avoided [NSC]

Injuries also damage productivity, costing American companies a loss of 103,000,000 production days [NSC]

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Save Time

How much time is spent each month updating excel sheets, binders, or paper files?

Outdated boxes of paper, overstuffed binders, and massive excel docs cost your admin team multiple hours each week to attempt to maintain.

With TMX Compliance, every employee can access their own licenses and certifications. Automated alerts empower each employee to stay up-to-date without admin involvement.

TRANSPORTATION INDUSTRY STATS 2021

Q

Avoid Fines

When an accident, inspection or audit occurs, are you confident in your ability to produce the documentation?

The top three DOT violations are all directly related to Drivers operating without an up-to-date CDL.
Average fines range from $7,264 – $8,951. [DOT]

Operating with a suspended or revoked CDL is one of the most common violations, accounting for 35% of all acute violations in 2019. [DOT]

Avoid Lapsing Fees

How much have you spent on additional fees for lapsed licenses or equipment?

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Over 41,000 violations were issued in 2019 for Operating a CMV without a CDL, resulting in 98.6% OOS. This is completely avoidable with TMX Compliance. [TRA]

In 2020, there were 49,977 OOS Orders occurred due to missing or expired CDLs, Medical Certificates, DOT Physicals, or Insurance. [FMCSA]

Contain Insurance Costs

What risk mitigation tools are you using to lower your underwriting cost?

According to American Transportation Research Institute, truck insurance premiums’ average cost rose 42% from 2010 to 2018. [WSJ] 

Insurance underwriters have the ability to modify their rates up to 25% based upon several risk mitigation strategies including using TMX Compliance.


s

Mitigate Accidents

Do you know if your employees or contractors are qualified to be working on their job site or operating your equipment?

In 2020, an estimated 6,000 truck accidents involving “driver non-performance” (falling asleep, medical emergencies, etc.). Truck drivers who lack current medical cards may not be medically fit to drive, leaving other motorists in needless danger. [FMCSA]

6 of the top 10 driver violations in 2019 are directly related to missing or outdated license, certificate, or log documentation. [TRA]

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Save Time

How much time is spent each month updating excel sheets, binders, or paper files?

Outdated boxes of paper, overstuffed binders, and massive excel docs cost your admin team multiple hours each week to attempt to maintain.

With TMX Compliance, every employee can access their own licenses and certifications. Automated alerts empower each employee to stay up-to-date without admin involvement.

LONG TERM CARE (LTC) INDUSTRY STATS 2021

Q

Avoid Fines

When an accident, inspection, or audit occurs, are you confident in your ability to produce the documentation for CMS?

By August 2020, CMS had announced that Nursing Homes had been fined $15M in “Immediate Jeopardy” fines. A 300% increase since January 2020. [CMS]

In 2020, the average CMP fine imposed was $55,000. [CMS]

Avoid Lapsing Fees

How much have you spent on additional fees for lapsed licenses or clearances?

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Almost every state requires LTC staff members complete minimum of 20-40 hours of training, specialized training for Dementia Care, and CPR training each year. [NH411]

Conservative estimates of turnover across the long-term care sector range from 45%-65% percent… are you confident that your current staff is keeping up with their licenses? [PHI]

Contain Insurance Costs

What risk mitigation tools are you using to lower your underwriting cost?

Assisted Living Facilities (AFLs) are not governed by federal rules, meaning the quality of care and qualifications of staff members are regulated by individual states – leading to unclear and complex rules. [NH411]
How are you ensuring your staff is compliant?

Insurance underwriters have the ability to modify their rates up to 25% based upon several risk mitigation strategies including using TMX Compliance.


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Mitigate Accidents

Do you know if your employees or contractors are qualified to be working with patients?

According to the National Institute, 75% of nursing homes almost never met the CMS expected RN staffing levels – which further stresses the importance of compliance of the existing staff. [NIH]

Knowing your team is appropriately trained and qualified to care will allow your facility to minimize accidents – and directly impact your HEDIS Medicare Star Rating. [CMS]

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Save Time

How much time is spent each month updating excel sheets, binders, or paper files?

Outdated boxes of paper, overstuffed binders, and massive excel docs cost your admin team multiple hours each week to attempt to maintain.

With TMX Compliance, every employee can access their own licenses and certifications. Automated alerts empower each employee to stay up-to-date without admin involvement.

Stop wasting resources updating
those overstuffed binders

 

Last year we spent more than $10,000 on expediting fees for calibrating meters and testing gloves. This year it’s $0 thanks to TMX Compliance.

We had a foreman driving our truck with an expired driver’s license get into a serious accident. We purchased TMX to eliminate this massive liability.

For the first time we were prepared for a random OSHA inspection!