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I think you're correct. Since the ring isn't imbedded in the sub-Q tissues, you'd be hard-pressed to find an "incision and removal of foreign body" code.
If the ED physician did a digital block, you could most likely code for that as well as the E/M.
"Non-incisional removal of a foreign body from the skin and subcutaneous tissue is considered to be part of the E&M code and is not reported separately"- from 3M