diff --git a/backends/exllamav2/model.py b/backends/exllamav2/model.py
index 5d783d1..8582b76 100644
--- a/backends/exllamav2/model.py
+++ b/backends/exllamav2/model.py
@@ -32,6 +32,8 @@ from typing import List, Optional, Union
 
 from ruamel.yaml import YAML
 
+from common.health import HealthManager
+
 from backends.exllamav2.grammar import (
     ExLlamaV2Grammar,
     clear_grammar_func_cache,
@@ -1373,6 +1375,8 @@ class ExllamaV2Container:
             )
             asyncio.ensure_future(self.create_generator())
 
+            await HealthManager.add_unhealthy_event(ex)
+
             raise ex
         finally:
             # Log generation options to console
diff --git a/common/health.py b/common/health.py
new file mode 100644
index 0000000..4d21d6a
--- /dev/null
+++ b/common/health.py
@@ -0,0 +1,42 @@
+import asyncio
+from collections import deque
+from datetime import datetime, timezone
+from functools import partial
+from pydantic import BaseModel, Field
+from typing import Union
+
+
+class UnhealthyEvent(BaseModel):
+    """Represents an error that makes the system unhealthy"""
+
+    time: datetime = Field(
+        default_factory=partial(datetime.now, timezone.utc),
+        description="Time the error occurred in UTC time",
+    )
+    description: str = Field("Unknown error", description="The error message")
+
+
+class HealthManagerClass:
+    """Class to manage the health global state"""
+
+    def __init__(self):
+        # limit the max stored errors to 100 to avoid a memory leak
+        self.issues: deque[UnhealthyEvent] = deque(maxlen=100)
+        self._lock = asyncio.Lock()
+
+    async def add_unhealthy_event(self, error: Union[str, Exception]):
+        """Add a new unhealthy event"""
+        async with self._lock:
+            if isinstance(error, Exception):
+                error = f"{error.__class__.__name__}: {str(error)}"
+            self.issues.append(UnhealthyEvent(description=error))
+
+    async def is_service_healthy(self) -> tuple[bool, list[UnhealthyEvent]]:
+        """Check if the service is healthy"""
+        async with self._lock:
+            healthy = len(self.issues) == 0
+            return healthy, list(self.issues)
+
+
+# Create an instance of the global state manager
+HealthManager = HealthManagerClass()
diff --git a/endpoints/core/router.py b/endpoints/core/router.py
index 325fbad..2c60cd7 100644
--- a/endpoints/core/router.py
+++ b/endpoints/core/router.py
@@ -1,7 +1,7 @@
 import asyncio
 import pathlib
 from sys import maxsize
-from fastapi import APIRouter, Depends, HTTPException, Request
+from fastapi import APIRouter, Depends, HTTPException, Request, Response
 from sse_starlette import EventSourceResponse
 
 from common import model, sampling
@@ -12,6 +12,7 @@ from common.networking import handle_request_error, run_with_request_disconnect
 from common.tabby_config import config
 from common.templating import PromptTemplate, get_all_templates
 from common.utils import unwrap
+from common.health import HealthManager
 from endpoints.core.types.auth import AuthPermissionResponse
 from endpoints.core.types.download import DownloadRequest, DownloadResponse
 from endpoints.core.types.lora import LoraList, LoraLoadRequest, LoraLoadResponse
@@ -22,6 +23,7 @@ from endpoints.core.types.model import (
     ModelLoadRequest,
     ModelLoadResponse,
 )
+from endpoints.core.types.health import HealthCheckResponse
 from endpoints.core.types.sampler_overrides import (
     SamplerOverrideListResponse,
     SamplerOverrideSwitchRequest,
@@ -47,9 +49,16 @@ router = APIRouter()
 
 # Healthcheck endpoint
 @router.get("/health")
-async def healthcheck():
+async def healthcheck(response: Response) -> HealthCheckResponse:
     """Get the current service health status"""
-    return {"status": "healthy"}
+    healthy, issues = await HealthManager.is_service_healthy()
+
+    if not healthy:
+        response.status_code = 503
+
+    return HealthCheckResponse(
+        status="healthy" if healthy else "unhealthy", issues=issues
+    )
 
 
 # Model list endpoint
diff --git a/endpoints/core/types/health.py b/endpoints/core/types/health.py
new file mode 100644
index 0000000..ad5fffe
--- /dev/null
+++ b/endpoints/core/types/health.py
@@ -0,0 +1,15 @@
+from typing import Literal
+from pydantic import BaseModel, Field
+
+from common.health import UnhealthyEvent
+
+
+class HealthCheckResponse(BaseModel):
+    """System health status"""
+
+    status: Literal["healthy", "unhealthy"] = Field(
+        "healthy", description="System health status"
+    )
+    issues: list[UnhealthyEvent] = Field(
+        default_factory=list, description="List of issues"
+    )