It works by a water based gel being applied to a "transducer" and put under a strap for 20 minutes. The gel then pierce through tissue, painlessly, and stimulate cellular activity. A recent pacient named Gary Denham recently had this procedure done and said, "It's got a wee strap that goes around where the break was."
Here's a picture of the ultrasound scanner:
And according to Dr. Angus MacLean, his doctor, the ultrasound speeds up the healing process by about 40 percent.
This technology has branched off of the first ultrasound in the 1950's from Glasgow's Western Infirmary. Ultrasound can now be used for a wide range of medical uses, such as healing punctured lungs or breaking up blood clots.
Though this technology is expensive now, I believe in the distant future, when it is cheaper and more effective, people will be able to heal their broken bones almost instantly.

