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The legislative branch has ceded most regulatory authority to the executive branch. Telling companies what to do is a major part of that.

If the Department of Health and Human Services was given this authority, and the President is in charge of that department, then how would an executive order be inappropriate?

The EO requires health officials to propose a regulation that achieves the proposed price transparency. In that sense, it's an EO compelling the government to create a new regulation, not a law.

It's almost guaranteed to get challenged in court, at which point the judiciary will determine whether it is congruent with existing legislation.

Worst-case it's not, and congress will probably take up a similar initiative so as not to appear ineffective.

> congress will probably take up a similar initiative so as not to appear ineffective.

It would be nice if it worked that way, actually.