I would repot it Sharlynn, and the bark, charcoal, and perlite mix seems fine to me. I would probably add some sphagnum moss to the mix. Can you post a pic of your pyschopsis, we love to see new orchids The mix it is in now may be Promix, which works really good where I live, CO bc it is so dry here but I try to repot new orchids just as good practice so I know what the roots looks like.
They are pretty easy. I bought a Mendenhall 'Hildos' five or six years ago, just out of flask and put it in small lava rock and a basket pot where it has been ever since, slowly getting larger leaves with each new flush of growths. In this set up, it needs watered daily so it isn't really an ideal set up unless you like to water daily.
Each person has their favorite brew. Mine dried out too much with bark. A member in our society has it planted in all s/m and mentionned some even set it in a saucer with some water. Since mine was at deaths door I've now got it in all moss and do see an improvement.