The big Intuit Health logo on an office building near Crossroads Mall in Cary will soon have a new name if parent firm Intuit follows through on a declared new strategy.

Early Monday, Intuit (Nasdaq: INTU) declared plans to sell the Cary-based Intuit Health Group as part of a reorganization. The group was producing some $15 million in annual revenues, based on company data and Bloomberg news reporting.

“While Intuit had considered healthcare a potential growth opportunity, structural shifts in the market have evolved in such a way that the business no longer fits within the refocused strategy,” Intuit declared in a statement from Chief Executive Officer Brad Smith.

“The Intuit Health assets will be a better fit for an organization with a stronger focus on the healthcare industry,” Intuit added. 

Just three years ago, Intuit acquired privately-held and Triangle grown Medfusion from entrepreneur Steve Malik and backers for for $91 million.

In cash.

Malik initially stayed with Intuit and formed the Intuit Health Group that incorporated Mefusion. He now is an investor.

The decision to sell the group follows a drop in revenue and the loss of a key customer that Intuit executives reported in their most recent earnings call on May 21.

“Revenue for Intuit Health was down 2% and is trending below last year,” Intuit’s CFO R. Neil Williams explained. “Based on these results and other factors, we have reported an impairment charge for Intuit Health, which reduced GAAP earnings per share by $0.14 in the third quarter.”

Later in the call, Williams noted that Intuit Health had lost its top client.

“Our primary customer in Intuit Health is an EHR [electronic health records] provider, and they made an acquisition … of a competing product,” Williams said, according to a transcript of the call provided by SeekingAlpha. “And that caused us to reevaluate our plans going forward and things like that. And we usually take a really conservative approach on these types of things as we evaluate our asset-carrying values each quarter. And we felt like this adjustment was the appropriate thing to do.”

The Intuit Health announcement was part of a larger restructuring in which Intuit said it was selling Intuit Financial Services to a private equity firm.

Intuit wants to “focus more sharply” on its core businesses such as TurboTax. 

“These decisions are the remaining foundational pieces that focus our organization on our biggest opportunities as we execute our global connected services strategy,” Smith said. “We’ve evolved from a portfolio of business units to an ecosystem of products and services with unique interdependencies. Working together, these assets create amazing opportunities to solve important customer problems while building durable competitive advantage.”

The two groups were expected to produce $340 million this year, up from $320 in its previous fiscal year. 

Of that revenue, $305 million came from the finance group in fiscal 2012 and $325 million was forecast for this year.

In April, Intuit Health hit a milestone, reaching 7 million registered patients for its health IT software to manage medical appointments, billing and doctor communications.

In the last six months alone, Intuit Health says more than one million patients have started using the technology, called the Intuit Health Patient Portal.

Intuit Health attributed the fast growth of patient portal to growing patient demand for online and mobile tools as well as government incentives encouraging physicians to use electronic health records. In the last two years, Intuit Health has added more than three million new patients to its health portal and the company says it averages 7,000 new patient activations every day.

Thoma Bravo LLC is buying the financial services business for $1.025 billion in cash.