No. The minimum requirements allow for automatic approval of the scholarship from the individual services' medical commands. If you don't meet the requirements, a waiver can be granted by the medical commands. Whether the waiver is granted is entirely dependent on how much they need you. If they don't have enough prospective scholarship-takers to meet a projected future need, they'll likely grant a waiver. If they have more than enough projected scholarship-takers, they probably won't grant you a waiver.
You call a medical recruiter and tell the recruiter that you are in the midst of your MS-1 year and would like to apply for a 3 year scholarship.
Obviously, whether or not you are granted admittance to a medical school determines whether you will be going to medical school. If you are not selected for an HPSP scholarship and are not granted admittance to USUHS, the military will not be directly paying for you to attend medical school and there won't be a direct path for you to serve as a military physician after graduation. If you finish medical school and still want to be a physician in the military, there are programs like FAP that allow you to serve as a military physician after the completion of residency. Once again, the first step to accessing this pathway is contacting a military medical recruiter.