At this point you are doing the right thing, and yes the cold hose will help. The fact that he is not lame is good. Dependent on his age and severity would determine his future. It might be important at this time to have this area xrayed and at least that will give you a baseline of where the injury stands “today”. Seeing that ring bone is arthritis, we have had a lot of people use LubriSynHA successfuly on horses with this condition.
Keep us posted on his progress.