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I would say this depends on whether the encounter with the patient was actually a consult or if it was a transfer of care (for the problem)... Say the admitting knew the patient needed the I&D and handed off that medical problem to your provider to perform the procedure, I would say no to billing both... But if the I&D was separate from what was being consulted on or if your provider was the one that made the decision that I&D was the best management course for the medical problem then I say yes, bill both with the modifier 25 on the E/M.
my question on this is... who decided the surgery needed to be done? Admitting--then to me its a transfer of care--no E/M. Provider who did the I&D--then yes a E/M is warranted.