Systems Health Management is an approach that is intended to improve the dependability and safety of technical systems, and to decrease the combined cost of operation and support. These benefits may be achieved through the application of monitoring, diagnostics, and prognostics technologies. However, in order to achieve the potential benefits of Health Management, it is necessary to combine stakeholder requirements with a thorough engineering knowledge. The aim of this paper is to present a systemic, systematic, and stakeholder-centered Requirements Management approach that supports the design of an Integrated Health Management (IHMS). The approach establishes traceability between stakeholder requirements and critical system functions that should be covered by monitoring and test capabilities. Thereby the approach supports verification and validation of stakeholder requirements as well as continuous improvements of the technical system. A holistic management model intended to increase stakeholder satisfaction with a reduced amount of resources is also presented. The approach and its application are highlighted and exemplified through experiences from a single-case study related to a modern combat aircraft, which is a highly complex and critical technical system.