1. A method of tracking motion of an actual patient bone using creating a patient specific bone model, the method comprising: acquiring A-mode pulse echo ultrasound signals of the actual patient bone; utilizing the ultrasound signals to capture a point cloud representative of the actual patient bone; fitting a deformable 3-D bone model to the captured point cloud to generate a 3-D patient specific bone model; registering the actual patient bone with the 3-D patient specific bone model; generating at least one localized bone point from an output of one or more ultrasound transducers positioned proximate the actual patient bone; tracking the at least one localized bone point by tracking the motion of the one or more ultrasound transducers using one or more inertial sensors; and tracking motion of the actual patient bone through a range of motion using the at least one tracked localized bone point in combination with the 3-D patient specific bone model.