An implantable dual transducer apparatus for use with an implantable medical device and control method are disclosed. The dual transducer assembly includes two physiologic sensors coupled to the medical device via a pair of lead conductors. Switching circuitry is controlled by the medical device to selectively activate and deactivate the two physiologic sensors by application of a supply voltage of an appropriate polarity. Each sensor of the dual transducer assembly is connected to the pair of lead conductors through a respective power switch. In response to the polarity of the supply voltage applied to the lead conductors, the power switches activate or deactivate their respective sensor in an alternating manner. Selective activation of one of the sensor while concurrently deactivating the other sensor of the dual transducer assembly provides for reduced power consumption and reliable communication of sensor data and other information transmitted over the pair of lead conductors. The power switches may be constructed using diodes, including discrete or substrate diodes, or transistors, such as n-channel and p-channel transistors. A wide variety of physiologic sensors may be incorporated into the dual transducer assembly.