It is Houston's final single from a studio album, and the last song released in her lifetime before her death in 2012.
"Million Dollar Bill" was written by singer-songwriter Alicia Keys and samples R&B singer Loleatta Holloway's "We're Getting Stronger" from Holloway's 1976 'Loleatta' LP.
Houston performed the song live on The X Factor in the UK on Sunday, October 18 the night before the album was released in that territory.
Written in they key of B Minor, the song's beat is set in common time and moves at a tempo of 120 beats per minute.
Dean Piper of the Daily Mirror considered it a "summer track" reminiscent of Janet Jackson's "The Best Things in Life Are Free."