Andy Slavitt, head of the Centers for Medicare & Medicaid Services, spoke at the J.P. Morgan health conference in San Francisco, using the opportunity to announce new initiatives, including responding to the failure of ObamaCare’s exchanges. Although sugar-coating his diagnosis, Mr. Slavitt clearly knows exchanges are in trouble.

Mr. Slavitt proposes two solutions to force more people into the exchanges. First, he will tighten up the open season for enrollment. More promising, and necessary, is a new look at risk adjustment. Slavitt promises more announcements on managing ObamaCare’s risk pool over the next few weeks.

Better risk adjustment is critical, but administrative adjustments alone will not fix the exchanges.