Chad Schofield is optimistic he can be back riding at next month's Magic Millions meeting at the Gold Coast with injuries suffered in a fall not as serious as feared.

Scans and x-rays show Schofield has fractures to the T7 and T8 vertebrae in his lower back after initial concerns he had broken both arms when he came off Classic Charm at Geelong on Sunday when his mount appeared to clip heels.

While he is still very sore, the major concern now for Schofield is a deep gash on his arm.

"He's got a hole in his elbow about the size of a 10 cent piece," his manager Mark Van Triet said.

"They need to clean that up and they're hoping to do that today and if they can, he should be able to go home.

"To go from two fractured arms to two fractured vertebrae, as bad as it is, is a win."

Van Triet said trainers had already been ringing and asking for a time frame for Schofield's return.

He said the next seven to 10 days were vital in Schofield's recovery and when given the all clear he would head to Sydney to recuperate with his family.

While Group One victories have came Schofield's way, 2014 has been a year of tragedy and injury for the Schofield family.

Just weeks after Chad's sister Whitney married jockey Nathan Berry, the popular rider died in April from the rare epilepsy-related Norse Syndrome.

Family patriarch Glyn suffered major facial injuries when he hit the pavement after a horse he was taking out onto the track for a barrier trial bucked.

While his father was nursing his injuries, Chad fractured his C3 vertebra in a three-horse fall at Cranbourne on June 8, a day after winning the Queensland Derby on Sonntag.

He also incurred two lengthy suspensions in August and September and returned in time for the Caulfield Cup meeting, only to fall in the Moonee Valley Cup the following week.

Schofield received a 12 meeting careless suspension at Moonee Valley last Friday night with that suspension commencing on Sunday night.