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Placing a gauze pad over the venipuncture site and applying pressure for 5 to 15 minutes is the correct procedure for stopping bleeding after a blood draw. This method helps to facilitate clot formation at the puncture site, thus minimizing the risk of excessive bleeding or the formation of a hematoma. The duration of pressure applied allows the blood vessels to constrict and the body's natural clotting mechanisms to take effect.

Using a tourniquet above the site is not appropriate once the venipuncture has been completed, as it can restrict blood flow and potentially cause additional bleeding. Asking the patient to raise their arm may assist in reducing blood flow, but it is not a reliable or effective method on its own. Similarly, applying a band-aid immediately is premature, as pressure must be maintained to ensure the bleeding has completely stopped before covering the site with a bandage.

Overall, the correct management involves ensuring adequate pressure is applied to promote clotting and prevent further bleeding, ensuring the safety and comfort of the patient.