Yes! In general the situation that you described would be coded correctly. The confusion for knee procedures is due to knee procedure coding is derived from 3 separate anatomical compartments of the knee. The easiest way that I have been taught to code knee procedures is like this:
Write down 3 separate sections to represent each anatomical compartment of the knee
Use the information from the report to determine ALL codes and classify them in the appropriate compartmental category.
From your examples above, medial meniscectomy and excision of medial plica.
P= N/A M= 29881 and 29875 L=N/A
Then you use bundling edits separately for each anatomical compartment. Because 29881 and 29875 were performed in the same compartment and 29875 bundles, you would only report 29881.
Other example, lateral meniscectomy and excision of medial plica.
P=N/A M= 29875 L= 29881
Because 29875 and 29881 were performed in separate compartments, both can be reported with the use of a modifier.
I hope this makes sense and helps!
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