This paper addresses the application of artificial intelligence (AI) in bone health research, specifically proposing the ProtoMedX model for the early diagnosis of osteopenia and osteoporosis. ProtoMedX is a multimodal model that utilizes both DEXA scans of the lumbar spine and patient records, and features an explainable architecture. This allows for a clear analysis of the model's decision-making processes in healthcare, particularly in the context of the EU AI Act. Using data from 4,160 NHS patients, ProtoMedX outperformed existing methods, achieving an accuracy of 87.58% when using only visual data and 89.8% in a multimodal approach.