Yes, I would think that it means that there is a wedge of sphincter (approximately 1/3) that is either nonfunctioning, or functioning incorrectly (such as contracting when it should be relaxing). The position is between 10 o'clock and 2 o'clock. None of this is telling in regard to whether this is temporary from trauma to the nerves, spasm, or permanent damage. I'd call your doc to explain the relevance of it all, and to find out if pelvic physiotherapy or biofeedback would be useful.
I believe that only the external sphincter is under conscious control, so I would think that kegels would only be partially effective (but worth pursuing!). Pelvic physiotherapy is mainly for pelvic floor dysfunction, where the muscles are in spasm or working in a counterproductive way. If there is an actual defect within the sphincter itself, there is a more difficult problem, and may require surgery or other invasive options.
I don't mean to reduce your hope, but just let you know that this may be more involved than you might think. Hopefully, it is just a temporary blip.
Jan