A method of treating a heart includes radially expanding a housing component within a native atrioventricular valve. The housing component includes an atrial anchoring mechanism for deployment in the left atrium and ventricular prongs for engagement with native tissue in the left ventricle. The housing component also includes an interior passageway sized for receiving a valve component. After the housing component has been deployed, the valve component is radially expanded within the passageway of the housing component. The valve component includes three leaflets configured for allowing blood to flow from the left atrium to the left ventricle. After expansion within the housing component, the valve component may have an inflow end portion that protrudes above the housing component into the left atrium. The housing component and valve component are preferably collapsible for advancement through a patient's vasculature using one or more catheters.