3M Health Care (NYSE:MMM) said Tuesday it plans to keep its Health Information Systems business, which it mulled spinning-off or selling last September.
3M’s Health Information Systems business provides healthcare data aggregation, analysis and strategic services. The division develops and supports algorithms and software designed to improve clinical documentation, performance and quality monitoring and terminology management, the company said.
“As part of our ongoing portfolio management process, 3M has completed a comprehensive review of strategic alternatives to determine the best path to benefit 3M, its stakeholders, and the Health Information Systems business. As a result of this process, we have determined that retaining this business and further investing in it as a part of 3M provides the best opportunity for 3M Health Information Systems, already a healthy and rapidly growing business, to derive even greater long-term value. We are committed to continued innovation in healthcare information systems and helping providers and payers improve patient outcomes while reducing the total cost of care,” CEO Inge Thulin said in a press release.
3M said sales from the Health Information Systems division increased 11% to $760 million in 2015, and counts more than 5,000 hospitals as part of its clientele.
The company said it was exploring the possibilities of spinning-off or selling the business in September last year, hiring Goldman Sachs to advise on strategic alternatives for the unit.