A method (200) for efficiently encoding and compressing ECG data optimized for use in an ambulatory electrocardiography monitor is provided. ECG data is first encoded and compressed (202) in a lossy process and further encoded and compressed (203) in a lossless process. A compression ratio significantly higher than other Holter-type monitors is achieved. Requirements for storage space and power cell consumption are reduced, contributing to the long-term availability of the monitor.