In this paper, an ECG compression method based on beta wavelet using lossless encoding technique is presented. Wavelet based compression techniques minimize the compression distortion, while run-length encoding (RLE) further increases the compression without any loss of relevant signal information. The developed technique employs a modified thresholding. The wavelet filters based on beta function and its derivative, improves the compression of signal as compared to earlier existing thresholding technique. The simulation results clearly show the superiority of this technique in terms of compression ratio and a desirable signal quality. For performance evaluation, several significant parameters such as percent root mean square difference (PRD), signal-to-noise ratio (SNR) and compression ratio (CR) are used, whereas signal quality and its relevant information are evaluated by QRS peak detection.