If there are still polyps then the tissue has bleached out. If necrosis occurred, then everything in that area will be dead.
How slow is the tissue necrosis? In cases of RTN you definitely want to frag. In the case of STN you might be able to wait it out. If over half of the coral is gone I would definitely frag it.
Something in your system is off balance. Alkalinity, salinity, temperature. Make sure those are correct.