Best treatment for hypertrophic scar on my Elbow?

Hello, a few months back in July of 2009, I went to the local dermatologist to have a rather large (2cm x1.5cm) wart removed from my elbow. About 2 weeks later it began to turn into a large Hypertrophic scar, Red, crusty, with white skin peeling off of it constantly, and a green colored center. I went back to the dermatologist and they offered me Mederma, which I have been on for months and there has been little change to the scar. I would love to hear some new suggestions on how to treat this thing, thank you.