Depending on the size of the chip and location, it will either be removed through a laproscop surgical procedure, or the horse will be rested until the chip adheres.
Size and location of chip determine treatment. Horse will either be treated with rest and hand walking, turn out on pasture, or undergo laproscopic surgery to remove the chip.
The proper course of action is surgery followed by a recovery period and then rehabilitation. Most of the horses who get chipped bones can go back to their racing careers if they're properly treated and cared for.