Process without Photoshop

 01 When a raw file thumbnail is selected inside Bridge the Open in Camera Raw option appears on the right-click menu. Select this entry if you want to process the file without opening Photoshop.

02 Once you have adjusted the conversion settings inside the Adobe Camera Raw dialogue choose the Done button at the bottom right of the screen. This will apply the conversion settings and update the pictures thumbnail but will not open the picture into Photoshop.  

In Photoshop:
Pick the Open in Camera Raw option from the right-click menu in Bridge 

In Photoshop Elements:
This option is not available for Photoshop Elements users