Final answer:
Umbilical cord prolapse requires immediate intervention, and the next step in management is to elevate the presenting part to relieve pressure on the cord.
Step-by-step explanation:
The diagnosis in this case is Umbilical cord prolapse. Umbilical cord prolapse occurs when the umbilical cord slips through the cervix and protrudes from the vaginal opening before the baby. It is a medical emergency that requires immediate intervention to prevent fetal distress or death. The next step in management for umbilical cord prolapse is to elevate the presenting part to relieve pressure on the cord and increase blood flow to the baby.