A method of monitoring physiological parameters for diagnosis and treatment of congestive heart failure in a patient. The method includes implanting at least one sensing device in a cavity of the patient's cardiovascular system, preferably so that the sensing device passes through and is anchored to a septum of the heart and, to minimize the risk of thrombogenicity, a larger portion of the sensing device is located in the right side of the heart and a smaller portion of the sensing device is located in the left side of the heart. Electromagnetic telecommunication and/or wireless powering of the sensing device is performed with an external readout device. The method can be used to perform effective monitoring, management, and tailoring of treatments for patients suffering from congestive heart failure, as well as many other diseases.