Tree Strangled by a Rope? Can it be saved?

Hi; I am hoping for an answer - hopefully a positive one - about whether a tree can be saved - if it is not already dead. I moved into a house with a tree that grew around a thick nylon rope for a hammock which had been tied tightly around the trunk years ago. A neighbor says he thinks it finally died last year. I have removed the rope (after digging it out with the use of a precision chisel). It was an inch or more deep. Now I wonder whether there is anything else I can do, like applying some special priduct or something into the groove left by the rope. I don't know the type of tree (I could send a picture), but it is about 60ft tall. Any help would be appriciated. Thanks
Steve in NYC

The only thing i can suggest it to buy Miracle Grow tree spikes and hope for the best....i think it might be to late :(

Sorry, I hate to contradict steven_s, but MG tree spikes should not ever be used on trees. It's too much fertilizer concentrated into one small area. Most trees, shrubs and conifers do not need any extra fertilization at all.

Before adding any fertilizer to any plant in your garden (other than potted annuals), get your soil tested at your local extension service to see IF you need to add anything. Most soils are plenty fertile without the addition of any extra fertilizer. A soil test should be no more than $15.00 or $20.00 and will give you a lot of good information about your soil.

You'll just have to wait and see if the tree survives. Since the rope as been removed, and as long as the tree is not already dead, it should recover. I'll keep my fingers crossed for you!
Good luck!

Is it possible to seal the wound with a suitable product to stop any more damage getting done to the tree such a frost damage??