A prosthetic implant is provided that has an implantable magnetic base structure that supports or couples with a prosthetic superstructure for implantation in a mammal. The implantable base more quickly fuses with surrounding tissue or bone with the aid of a magnetic field. The superstructure abuts and is supported by the implantable base, and each comprises a biocompatible magnetic material to establish a magnetic field in the region of the tissue surrounding the implantable base. An anchoring arrangement may be employed to fasten the superstructure to the base. Together, the magnetic base, superstructure, and/or anchoring arrangement are positioned relative to each other to concentrate a magnetic field in the region of the implant to facilitate fusion of the base structure with surrounding bone or tissue. Advantageously, the magnetic field shortens the healing time and retards bacterial growth to quickly fuse the base structure with the surrounding bone or tissue.