An implantable medical device is disclosed, in which the implantable medical device includes a fluid shunt extending through a wall separating a first cavity and a second cavity within the heart. The fluid shunt includes a first portion adapted to extend into the first cavity within the heart, a second portion adapted to extend into the second cavity within the heart, and an intermediate portion interconnecting the first and second portions. The fluid shunt having a lumen extending between the first and second portions that is adapted to fluidly couple the first and second cavities within the heart. The implantable medical device also includes an occlusion assembly associated with the fluid shunt and adapted to selectively occlude flow through the lumen of the fluid shunt, where the occlusion assembly is activated to adjust flow through the lumen of the fluid shunt, The implantable medical device further includes at least one sensor assembly associated with the first portion of the fluid shunt such that the at least one sensor assembly senses one or more physiologic parameters in the first cavity.