Yes, there is. Check out the following stored procedure:
CREATE PROC [usp_Insert] @insert_value VARCHAR(250)
AS
INSERT INTO [MyTable] ( [table_value] ) VALUES ( @insert_value );
SELECT IDENT_CURRENT( '[MyTable]' );
GO
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This is much faster because it queries the current identity from the table meta data, not the table data. Just make sure your key is marked as "IDENTITY".
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