Implement a health endpoint to check if an API is up and running as expected

Question

I am wondering what is the best way to check if an API is up and running as expected. This check would need to occur at regular intervals, similar to what the author of this blog speaks of:

http://www.lornajane.net/posts/2009/add-a-heartbeat-method-to-your-service

Is this the best practice for monitoring API status?