It's almost exactly the same as normal biomed (e.g. you sit the same units and exams as everyone else, with everyone else). The only major differences are that you get more and better networking opportunities and some additional "mentoring" (essentially casual conversations with) professionals in the biomedical sciences. Also, one of your electives has to be a research project, which is pretty cool. To complete the biomed scholars degree, you need to maintain at least a distinction average.
They probably wouldn't accept you if you don't have the VCE prerequisites, but you might be able to negotiate around your particular issue by seeing if you could take the maths prerequisite as a corequisite in your first year elective place (either MTH1010 or MTH1020 depending on your maths ability).