In this work, we propose a novel denoising method based on evaluation of higher-order statistics at different Wavelet bands for an electrocardiogram (ECG) signal. Higher-order statistics at different Wavelet bands provides significant information about the statistical nature of the data in time and frequency. The fourth order cumulant, Kurtosis, and the Energy Contribution Efficiency (ECE) of signal in a Wavelet subband are combined to assess the noise content in the signal. Accordingly, four denoising factors are proposed. Performance of the denoising factors is evaluated and compared with the soft thresholding method. The filtered signal quality is assessed using Percentage Root Mean Square Difference (PRD), Wavelet Weighted Percentage Root Mean Square Difference (WWPRD), and Wavelet Energy-based Diagnostic Distortion (WEDD) measures. It is observed that the proposed denoising scheme not only filters the signal effectively but also helps retain the diagnostic information.