Pete claims to have been passed over for, "every assignment, every promotion." Yet Pete is a full colonel, three whole ranks ahead of Cpt McCoy.
Magnetoencephalograph (MEG) systems do exist (and existed at the time of the original broadcast), however they cannot perform the actions described by Dr. Olander. They are passive systems that record the very small magnetic fields generated by the electricity flowing through neurons (generally in the brain, although some systems measure other parts of the body). This type of imaging is called Magnetic Source Imaging (MSI). They do not have any capability to treat any human system; they can only provide information to physicians about neural activity. The most common usages of MEG systems are for diagnosis of epilepsy and pre-surgical mapping of brain functions.