An implantable medical device system and associated method monitor changes in transimpedance in a body tissue due to changes in cardiac pulsatility. A first dipole is used to deliver a non-stimulating electrical current. The first dipole includes a first electrode and a second electrode adapted to be deployed along a first body location. A second dipole is used to measure a voltage resulting from the non-stimulating electrical current being conducted through a portion of a patient's body. The second dipole includes a third electrode and a fourth electrode different than the first electrode and the second electrode and adapted to be deployed along a second body location spaced apart from the first body location.