Yes, but it is aggressive treatment. But easy to do.
If you have Pimafix, or any of the dyes (methylene blue or malichite green) they could be used in a similar fashion and are not as toxic if you get some of them into the aquarium. The little bit of merthiolate that gets transferred into the aquarium with the fish is not a concern if you use that.
If you do nothing, the fish probably will not survive, but there is a chance that the fish will not survive no matter what you do. There are risks with both the aggressive method and with the slower methods. Both have a possibility for success, but both require close observation and possibly farther action. In reality, no one I know has enough experience with this type of problem to know specifically what works. But there are veterinarians who for $50 to $100 will diagnose and prescribe meds. PVAS had a talk by one of these vets about 2 years ago. Vets have an advantage in that they would take a scraping of the problem area and identify the actual problem, so their prescribed med has a good chance of working.