In a coding audio seminar "Coding and Billing for Pediatrics", given by the AAPC last August, the presenter, Lisa Jensen, MHBL, CPC, recommended it's use. She indicated it could be used for paps and blood samples.
According to this article from GI Practice Management News
Venipuncture/Specimen Handling— Though some insurance companies will attempt to bundle venipuncture and the collection and processing of specimens into the E/M service, many others will pay separately for these services. If you do not bill for laboratory services and you send blood and other specimens to an outside lab for processing and analysis, you should bill Medicare for the venipuncture using HCPCS G0001 and CPT 36415 for all commercial insurers. For the collection and handling of other non-blood fluids or tissue samples, use CPT 99000.
I know it comes out to a lot of revenue posted on our system, how much we actually are reimbursed and how much we have to write off is the next issue I guess. However, as coders, if a code exists for a procedure, arent we supposed to code it, regardless of reimbursement if it is justified by the documentation, unless it is bundled?
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