1. A method of health monitoring and fault mitigation in a network system, the method comprising: receiving an enrollment message at a heartbeat manager from a heartbeat agent associated with a first application stored at a first network entity; automatically assigning a heartbeat interval to the first application at the heartbeat manager, wherein the heartbeat interval is based at least partially on a proposed heartbeat interval included in the enrollment message; sending an enrollment response message from the heartbeat manager to the first application, wherein the enrollment response message indicates the assigned heartbeat interval; prompting the heartbeat agent for operational status of the first application when a heartbeat signal is not received during the assigned heartbeat interval for the first application; and receiving a subscription request from a heartbeat monitor of the first application at the heartbeat manager, wherein the subscription request indicates a service to be monitored on behalf of the first application.