We use the hospital's computer system for signout. It's actually a big deal at my hospital.
When a patient is admitted, a brief history is entered into the computer (usually two or three lines). Drug allergies are also entered (this is required before you can enter orders, including admission orders). There is a spot for updates for patients who have been there for a while.
When you signout, you print two lists: one with meds, and one without. The one with meds is attached to the one without. The reason being is that the med list is provided in case it's needed, otherwise it's easier to flip through the list without meds. All drug allergies are there. The typed signout is also there. When a team prints a list, the signout intern/resident usually boxes in things to do -- 8pm labs, followup imaging, etc., and this is most often marked in a different color (the box) so it stands out.
Finally, when you sign out, it is a hospital requirement that you change the contact pager for all the patients you just signed out. When you receive signout the following morning, it's your responsibility to change your pager back. This eliminates a nurse needing to track down who is covering a patient. He/she can look in the computer, see the pager number, and just page that person instead of looking up who is covering who.
EDIT: Forgot to mention, all of this is done through our computer physician order entry system and not through Word, Excel, etc.
