http://www.dpreview.com/news/2013/06/17/MetaRaw-offers-expanded-Raw-support-for-photoshop-elements-users-beyond-adobe-camera-rawThe Plugin Site has created the MetaRaw plugin for Photoshop and Photoshop Elements that allows the conversion of Raw files not supported by the associated version of Adobe Camera Raw. The MetaRaw plugin offers access to three Raw conversion methods - ACR, DNG Converter or its own, dcraw-based converter. It also allows Elements 10 and 11 users to access ACR's lens correction and chromatic aberration tools.
If you use PS or PSE you know that from time to time you need to upgrade just so you can use the later version of ACR that supports your new camera. I have long thought that it is an opening for a 3rd party to make a good raw converter that works easily and seamlessly with PS/PSE. This one looks pretty interesting. Price isn't bad at $39.95.