This paper presents a novel ECG telemetry system based on Z-Wave communication protocol. The proposed system consists of small portable devices that acquire, compress and transmit the ECG to a RF-USB interface connected to a central monitoring computer. The received signals are filtered, QRS complexes and P and T waves are localized, and different waveforms are classified in order to be able to provide diagnosis tools like heart rate variability and turbulence analysis. Due to the limitation of communication bandwidth, the maximum number of measuring devices connected to a central monitor is four. The proposed system composed of inexpensive components can serve as flexible alternative to current ECG monitoring systems.