Yes on the head of the screw.
First check which size bit fits into the head of the screw snugly (if you have more than 1 bit)
Then take insulation tape and put it on the head such that it covers the hole.
Now put another 2 or 3 layers of tape one on top of the other.
Finally use the selected bit and try to remove the screw. You will notice the insulation tape taking the shape of the bit and the bit will "bite" into the tape (before the tape, it would freely rotate and not have any grip) thereby allowing you to remove the stripped out screw.
If the tape falls off, clean the surface with Isopropyl Alcohol or equivalent cleaning liquid and then try again. It may take a few tries, but eventually you'll be able to do it.
Don't give up on that stripped screw. There's a way to restore the missing grip your screwdriver needs, and all it takes is a bit of duct tape and a slow turn.
www.housedigest.com
See this link, it has images too.