Think of it as a signal that the story is shifting to a different aspect of the same overall situation, happening at the same time.
Here are some examples:
* Meanwhile, the firefighters were battling the blaze. (This implies the fire is happening at the same time as something else previously mentioned.)
* Meanwhile, the children were playing in the backyard. (This suggests the children are playing while something else is occurring.)
Essentially, "meanwhile" acts as a transition word, connecting two distinct events or situations that are happening at the same time.