Officials at the St. Paul, Minnesota-based 3M Health Information Systems, announced this week that they were strongly considering putting its business up for sale.

3M Health Information Systems, the health IT arm of 3M Health Care, said Thursday it was open to "exploring strategic alternatives" for its business, including following Siemens' Health Services and selling, or even a potential spin-off or a retain and invest move.

[See also: Cerner to buy Siemens health IT unit.]

3M HIS's business currently consists of many different health information platforms, including ICD-10, population health, interoperability and clinical documentation software.

Some 5,000 hospitals are using some platform from the business, according to the company. And just for the second quarter this year, its parent company 3M reported that sales growth was positioned for the division. The business has had trailing 12-month revenues of close to $730 million and delivered more than 10 percent CAGR over the past few years, they said.

"As part of our ongoing portfolio management process, 3M is exploring alternatives for our Health Information Systems business," said Inge G. Thulin, 3M chairman, president and chief executive officer, in a Sept. 10 statement. "Through this process, we are focused on determining the best path to benefit 3M, its stakeholders and this business."

Company officials have retained Goldman, Sachs & Co. for help explore alternatives and are expected to come to their decision come first quarter of 2016.