Doesn't sound right. Bipolar with psychosis would imply Bipolar I Disorder with psychotic features. That would be someone with mania, severe depression and hearing voices. Usually such an individual would be or have a history of inpatient psych hospitalizations. Psychosis would be considered disqualifying.
This would be good studying for a med student:
Bipolar I Disorder
Bipolar II Disorder
Bipolar Disorder Not Otherwise Specified