What best practices should be followed when retrieving a single value from a MySQL database in PHP to ensure efficient and error-free code execution?

When retrieving a single value from a MySQL database in PHP, it is important to use prepared statements to prevent SQL injection attacks and ensure data integrity. Additionally, error handling should be implemented to catch any potential issues that may arise during the database query execution. Lastly, closing the database connection after retrieving the value is essential to free up resources and maintain efficiency.

<?php
// Establish a database connection
$mysqli = new mysqli("localhost", "username", "password", "database");

// Check for connection errors
if ($mysqli->connect_error) {
    die("Connection failed: " . $mysqli->connect_error);
}

// Prepare a statement to retrieve a single value
$stmt = $mysqli->prepare("SELECT column_name FROM table_name WHERE condition = ?");
$stmt->bind_param("s", $condition);
$condition = "some_value";
$stmt->execute();
$stmt->bind_result($result);

// Fetch the value
$stmt->fetch();

// Close the statement and connection
$stmt->close();
$mysqli->close();

// Use the retrieved value
echo $result;
?>