A search has been performed for the experimental signature of an isolated photon with high transverse momentum, at least one jet identified as originating from a bottom quark, and high missing transverse momentum. Such a final state may originate from supersymmetric models with gauge-mediated supersymmetry breaking in events in which one of a pair of higgsino-like neutralinos decays into a photon and a gravitino while the other decays into a Higgs boson and a gravitino. The search is performed using the full dataset of 7 TeV proton–proton collisions recorded with the ATLAS detector at the LHC in 2011, corresponding to an integrated luminosity of 4.7 fb−14.7 fb−1. A total of 7 candidate events are observed while 7.5±2.27.5±2.2 events are expected from the Standard Model background. The results of the search are interpreted in the context of general gauge mediation to exclude certain regions of a benchmark plane for higgsino-like neutralino production.