Render output as 16 bit PNG file

in New Users
Is it possible to output the render results as a PNG file with 16 bits per color channel? The default 8 bits per channel is a bit limiting when post processing with Photoshop.
Comments
Assuming Iray: Render to a cavas (see Advanced tab). That's a 32-bit EXR, which you can then tone map and process in whatever manner you wish.
D|S graphics format options are very limited. For example, there's no way to set the compression (quality) level for JPG, or the compression type, if any, for TIF. So you're always best off saving in the format that gives the maximum flexibility for your situation, then modifying in a program that provides more output options.