There is always supplemental O2 on board. Any medico who knows (or more accurately remembers) about partial pressures would know that administration of O2 vs altitude is proportional anyway. RFDS or combat agency aircraft don't fly nap of the earth every time a patient has a compromised respiratory system.
edit- I wonder if the onboard kit includes O2 SAT monitor?
I recall flying back from South Africa after my trauma surgery rotation a long time ago. J on QF. Some nurse was there with a chap with a full leg cast. As an aside, she was dirty with me because I had the window seat in a 2-3-2 configuration and she wanted the pair of seats for herself and to put me into the 3 with her patient. Anyway, she pulled out a sats probe and proceeded to place it on the patient's finger. I just sat there and though "holy cow - does she have any idea?"
I mean come on - what use is a sats monitor at 30000ft for a guy with an above-knee cast? I was just hoping it wasn't a freshly applied cast that she was then going to have to saw off at cruising altitude!