A PCM cell is provided that includes a phase change memory material that is sandwiched between top and bottom electrodes which are both composed of a doped silicon germanium alloy. A doped silicon germanium alloy has good electrical conductivity, while having a lower thermal conductivity than conventional conductive materials such as TiN or W that are typically used in PCM cells. The presence of the doped silicon germanium alloy mitigates heat loss in the PCM cell thus reducing reset current and, in some embodiments, thermal cross-talk between adjacent PCM cells. Further reduction of heat loss can be obtained by providing an airgap-containing dielectric spacer laterally adjacent to the PCM cell.