In this study, power-law relations are developed between the intercept parameter N0 of the exponential particle size distribution and the water content for the rain, hail, graupel, and snow hydrometeor categories within the Milbrandt and Yau microphysics scheme. Simulations of the 3 May 1999 Oklahoma tornadic supercell are performed using the diagnostic relations for rain only and alternately for all four precipitating species, and results are compared with those from the original fixed-N0 single- and double-moment versions of the scheme. Diagnosing N0 for rain is found to improve the results of the simulation in terms of reproducing the key features of the double-moment simulation while still retaining the computational efficiency of a single-moment scheme. Results more consistent with the double-moment scheme are seen in the general storm structure, the cold-pool structure and intensity, and the number concentration fields. Diagnosing the intercept parameters for all four species, including those for the ice species, within the single-moment scheme yields even closer agreement with the double-moment simulation results. The decreased cold-pool intensity is very similar to that produced by the double-moment simulation, as is the areal extent of the simulated storm. The diagnostic relations are also tested on a simulated squall line, with similar promising results. This study suggests that, when compared with traditional fixed intercept parameters used in typical single-moment microphysics schemes, results closer to a double-moment scheme can be obtained through the use of diagnostic relations for the parameters of the particle size distribution, with little extra computational cost.