Per regulations, a psychologist would not be able to bill an E/M code regardless of what is documented.
For a psychiatrist, it would be one or the other code, not both in my understanding.
My local carrier, WPS, also puts out billing and coding guidelines in which it states: Psychiatric Diagnostic Interview Examination (CPT code 90801):
An E/M service may be substituted for the initial interview procedure, including consultation CPT codes, (CPT codes 99241-99263), provided required elements of the E/M service billed are fulfilled. Consultation services require, in addition to the interview and examination, the provision of a written opinion and/or advice. E/M CPT codes do not include a psychotherapy service.
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