Paraphimosis problem

My 1.5 yr old had a trauma situation on Sunday which landed him in the ER with paraphimosis. Although his penis retracts after calming, the bulbus glandis is still swollen and hard. It has been 3 days. My reg. vet has him on Prednizone and also Valium which I requested. With all the research I have done today I understand what is happening but I'm wondering if anyone has experienced this. Will the bulbus glandis eventually calm and empty (i guess) because I think that is what is putting pressure on his eurethra. Please excuse my spelling and rambling but I'm beside myself with worry. He  is  holding his urine to absolutely necessary. When the drugs seem to ware off he goes into another episode.Any suggestions, input or experiences is very appreciated.