Not to my knowledge.
Normally you can import a CSV text file containing the X, Y and Z values for each of the 65,536 (12.8km X 12.8km) points.
Alternately, a text file containing only the Z coordinates could also be used.
Can you export your 3DS Max terrain as a CSV text file, if so you are in business.
Unless someone knows any different, I would say no.
Planck