In reviewing the coding Companion for OB/GYN 2009 edition, the code does not state the time, other than "the procedure is supervised during labor until delivery", so I believe you can only bill once after the electrode is attached to the fetus' scalp until it is either removed or the baby is delivered.
It may be billable again if the circumstances are such that the monitoring is done on day 1, removed, no delivery and then day 2 is reattached and the fetus is delivered. but I have not seen that particular circumstance to know.
Hope that helps a little
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