Medical image analysis has undergone significant advancements with the integration of machine learning techniques, particularly in the realm of bone anomaly detection. The availability of recent datasets and the lack of benchmarking and explainability components provide numerous opportunities in this domain. This study proposes a benchmarking approach to a recently published FracAtlas dataset utilizing state-of-the-art deep-learning models coupled with explainable artificial intelligence (XAI) having two distinct modules. The first module involves the binary classification of fractures in different body parts and explains the decision-making process of the best-performing model using an XAI technique known as EigenCAM. EigenCAM generates heatmaps on every layer of the YOLOv8m model to explain how the model reached a conclusion and localizes the fracture using a heatmap. To verify the heatmap, we also detected fractures using the YOLOv8m detection model, which achieved a mAP@O.5 of 59.5%, outperforming the baseline results on this dataset. The second module involves a multi-class classification task to categorize images into one of the five anatomical regions. The best-performing model for binary classification is the YOLOv8m model, with an accuracy of 83.1%, whereas the best-performing model for multi-class classification is the YOLOv8s, achieving an accuracy of 96.2%.