The memristor, a revolutionary electronic component, mimics both neural synapses and electromagnetic induction phenomena. Recent study challenges are the development of effective neural models and discovering their dynamics. In this study, we propose a novel Hopfield neural network model leveraging multistable memristors, showcasing its efficacy in encoding biomedical images. We investigate the equilibrium states and dynamic behaviors of our designed model through comprehensive numerical simulations, revealing a rich array of phenomena including periodic orbits, chaotic dynamics, and homogeneous coexisting attractors. The practical realization of our model is achieved using a microcontroller, with experimental results demonstrating strong agreement with theoretical analyses. Furthermore, harnessing the chaos inherent in the neural network, we develop a robust biomedical image encryption technique, validated through rigorous computational performance tests.