Neonatologist Salary Guide

According to the Economic Research Institute, the average neonatologist salary is $342,550 per year in the U.S. Also, the ESI reports that the neonatologists can earn on average $23,259 in annual bonuses. Based on this information, neonatology is an extremely lucrative specialty.

Locum tenens neonatologists can make upwards of $224 per hour on average, however, there are many factors that impact rates including location, years of experience, and the level of demand.

If you were to extrapolate that rate over a year (at 40 hours per week), the average locum salary comes out to around $465,920. 

That means locum tenens neonatologists can make up to 36% more than the average provider. However, making direct salary comparisons can be complicated. While perm neonatologists are more likely to be salaried, locum tenens neonatologists are independent contractors earning an hourly rate, which can vary based on which assignments they take in a year. 

Furthermore, because locum tenens neonatologists are paid by the hour, the hours they work are directly reflected in their pay, while a salaried neonatologist’s additional hours may not be reflected in their salary.

Finally, paid time off and insurance may be reflected in the perm neonatologists salary structure, but locum tenens providers do have options when it comes to health insurance. 

The most recent state breakdown of physician salaries comes from the US Bureau of Labor Statistics, as the BLS was not able to collect data for neonatologists specifically. That said, the top 5 highest paying states for physician salary are:

• Montana 
• South Dakota 
• Wyoming 
• Indiana 
• Colorado

This data can provide some insight into the possible highest paying states for neonatologists. 

Neonatologists fall into the middle of the 30+ physician specialties surveyed in the Medscape 2023 compensation report. The top five specialties (plastic surgery, orthopedics, cardiology, urology, gastroenterology) all reported annual income of greater than $500,000.

According to the Economic Research Institute, neonatologists salaries have increased by 12% over the past 5 years, a higher rate than all over professions in the U.S. Based on this data, a safe estimate is that neonatologists will make roughly $350,771 in annual salary in 2024 if this trend continues.