A colonoscopy allows a doctor to examine the inside of the entire colon for abnormalities, including; intestinal inflammation, ulceration, bleeding, diverticulitis, colitis, colon polyps, and tumors.
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Negative - the doctor finds nothing unusual.
The patient may not need to get another colonoscopy for several years.
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Positive - the doctor finds something suspicious of disease.
The patient needs to undergo more frequent screenings. If a few small polyps (1 cm or less) are found, the patient may not need a colonoscopy for another 5-10 years, depending on other risk factors. If many, large polyps or polyps with pre-cancerous cells are found the patient may be advised to get a colonoscopy every 3-5 years.(1) (2) (3)
The images below are of the colon as it appears through a colonoscope.

Normal Colon Colon with Polyp Colon with cancer
These images were provided by Gastrolab.
Biopsy After Colonoscopy
If an abnormality is seen, the doctor may decide to remove it or take a tissue sample (biopsy) for analysis. A specially trained doctor called a pathologist will examine the tissue with a microscope and determine the diagnosis.(1) A biopsy can help determine the nature of the tissue (benign or cancerous) and help the physician decide whether the abnormality needs to be removed. To obtain a biopsy, metal forceps are passed through the scope and used to snip off a portion of colon tissue. Alternatively, the doctor may decide to take a brushing of the colon lining to evaluate an area of suspected abnormality. In this case, a small nylon brush is passed through the center of the colonoscope and is rubbed against the colon lining to retrieve a small tissue sample. Regardless of which procedure is performed, the patient will feel no pain or sensation.
Remember: just because the doctor decides to take a biopsy, this does not necessarily mean cancer is suspected. Biopsies can also help diagnose other problems such as inflammation and ulcers. If tissue is removed during a colonoscopy, a follow-up meeting may be scheduled to allow the patient and physician to discuss the results.(1) (1) (3)