A definite yes! Bounce rate is one of the factors that can affect your SERP. I would suggest you to improve your landing pages, ad copies if you are running a paid campaign or whichever is applicable in your case.
Secondly, 85% of bounce rate is actually too high and this is definitely going to affect the objective of your website. So its not only about search engine ranking you must put in effort to improve bounce rate, as it seems the visitors are not finding what they are actually looking for when visiting your site.
Things you should look to improve your bounce rate can be:
- The overall content on your site
- The text or copy matter on your site
- The ad copies ?(if you are running any paid campaign)
- Individual page bounce rate
- The path and the keyword that is leading traffic to your site
- The exit pages