It looks like the fish has pushed part of its intestine out of its butt. There isn't much you can do but sometimes it goes back in by itself. If it stays out, the fish usually dies.
Some people have had success by feeding the fish plant matter (mushed peas or something similar) for a couple of days.
Concur with @Colin_T, it looks a bit like a prolapsed anus. I have had two fish develop this condition, both very competitive feeders. I treated them by not feeding the fish for a couple of days then feeding very lightly. One survived and the other did not. I will note though that the neon's condition looks a bit different so I wouldn't be 100% on the diagnosis. I never thought of feeding the sick fish mushed peas. Are the mushed peas the English style?