Can I import/work with 16 bit grayscale images?

While I can load a 16 bit grayscale png image into Corel Photopaint, it is always imported as an 8 bit grayscale image.  This is very annoying.  I have confirmed with the operating system (Windows 7) that it is a 16 bit image.  I want to have 65336 different shades of gray so that the heightmap I am editing:

1) will be as detailed a resolution as possible.  256 different values just plain sucks.

2) can be fine tuned (in terms of brightness and contrast to allow for creating a depth to water areas) without losing a significant amount of difference in height in the overall heightmap.