My indoor peace lily has been showing signs of root rot so I inspected it and sure enough there was a bit of of near the top and outsides. About 80% of the roots were fine though, so what I did was remove as much rot/mold as possible, removed the old dirt, rinsed the bare roots (a lot) and repotted with a better potting soil.

Is there a good chance this will save the plant?

I believe the problem was soil compaction since I hadn't repotted in over a year and am good about watering my peace lily (not too much, or little)