We consider the production of isolated prompt photons in hadronic collisions. We present a general discussion in QCD perturbation theory of the isolation criterion used by hadron collider experiments. The isolation criterion is implemented in a computer programme of the Monte Carlo type, which evaluates the production cross section at next-to-leading order accuracy in perturbative QCD. The calculation includes both the direct and the fragmentation components of the cross section, without any approximation of the dependence on the radius R of the isolation cone. We examine the scale dependence of the isolated cross section, the sensitivity of the cross section to the values of the isolation parameters, and we provide a quantitative comparison between the full R dependence and its small-R approximation.