Of course there are. If you want to reduce image size with minimal quality loses, I strongly recommend to "Save for Web & Devices" (Alt+Shift+Ctrl+S).
You can view multiple versions of an image simultaneously and modify optimization settings as you preview the image to select the best combination of settings for your needs. You can also specify transparency and matting, select options to control dithering, and resize the image to specified pixel dimensions or a specified percentage of the original size.
When you save an optimized file using the Save For Web & Devices command, you can choose to generate an HTML file for the image. This file contains all the necessary information to display your image in a web browser. (source)