Roberta is right above. Bulbos are extremely thirsty orchids. Most need to stay almost sopping wet, especially this one. The roots should not dry completely or the plant is set back. All the photos of healthy and/or blooming Bulbo. phalaenopsis I've seen show them growing in baskets of sphagnum moss, never mounted unless in a very high-humidity wet greenhouse.
Your plant is severely dessicated. Dunk it in a bowl of water now for several hours. Once a day dunk it in water for an hour. I would move it to a basket or pot. Get a container large enough to hold the mount, preferably a wood basket with open slats. Put a layer of long-fiber sphagnum moss on the bottom. Set the mount in that. Pack sphagnum around the mount so the moss layer conceals the old mount. Water it once a day, and keep it as humid as you can.
Do some reading on Bulbos, and this plant.
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Yellowing pseudobulbs on bulbophyllum phalaenopsis
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