I can't do the salt treatment in my planted tank so if it is a fungus I'll have to use meds. But honestly now I'm not altogether convinced that it was fungus. As I said, I put the fish in my hospital tank. But when I did this whatever it was hanging off this fish's butt fell off. if it is a fungus i'd think something that big would be a an advanced case and no other fish has any signs. The fish in question has no spots any where else on its body. Might it have been an egg sack maybe? I don't know if they have "egg sacks". Maybe it really was just poop.
But I'm not ruling out fungus. I'll keep an eye out for any odd growths and if something does crop up I'll medicate the tank.
I appreciate everyone's help. Thanks!