We've provided a Qwiic connector to connect to the I²C data lines easily, but you will also need to connect to two additional lines. This board is tiny, measuring 25.4 mm x 12.7 mm, which means it will fit nicely on your finger without all the bulk.
The MAX30101 does all the sensing by utilizing its internal LEDs to bounce light off the arteries and arterioles in your finger's subcutaneous layer and sensing how much light is absorbed with its photodetectors. This is known as photoplethysmography. This data is passed onto and analyzed by the MAX32664, which applies its algorithms to determine heart rate and blood oxygen saturation (SpO2).
SpO2 results are reported as the percentage of hemoglobin that is saturated with oxygen. It also provides useful information such as the sensor's confidence in its reporting and a handy finger detection data point. To get the most out of the sensor, Sparkfun has written an Arduino Library to make it easy to adjust all the possible configurations.