Wireless patient monitoring is an active research area with the goal of ubiquitous health care services. This study presents a novel means of exploiting the distributed source coding (DSC) in low-complexity compression of ECG signals. We first convert the ECG data compression to an equivalent channel coding problem and exploit a linear channel code for the DSC construction. Performance is further enhanced by the use of a correlation channel that more precisely characterizes the statistical dependencies of ECG signals. Also proposed is a modified BCJR algorithm which performs symbol decoding of binary convolutional codes to better exploit the source's a priori information. Finally, a complete setup system for online ambulatory ECG monitoring via mobile cellular networks is presented. Experiments on the MIT-BIH arrhythmia database and real-time acquired ECG signals demonstrate that the proposed system outperforms other schemes in terms of encoder complexity and coding efficiency.