How do the House & Senate bills get reconciled?

For those who haven’t heard yet, the Senate passed its version of the Health Care overhaul bill early this morning. The few news articles I’ve read have said that the House and Senate have to reconcile their two versions before President Obama can sign the law.

The House version includes the so-called “public option”. The Senate version does not. So how do these get reconciled? What is the procedure? Do the Majority Leader and the Speaker just lock themselves in a room until they reach an agreement? How do the two chambers interact to reconcile versions of a bill?

(Please note – this question is specifically about legislative procedure. Please keep opinions about the bills, the public option, Health Care, congress, the President, etc, out of this discussion. Thanks!)