James 5:16 Confess your faults one to another, and pray one for another, that ye may be healed. The effectual fervent prayer of a righteous man availeth much.
Context: James 5:13-15 Is anyone among you suffering? Let him pray. Is anyone cheerful? Let him sing praise. 14 Is anyone among you sick? Let him call for the elders of the church, and let them pray over him, anointing him with oil in the name of the Lord. 15And the prayer of faith will save the one who is sick, and the Lord will raise him up. And if he has committed sins, he will be forgiven. James 5:17-18 Elijah was a man with a nature like ours, and he prayed fervently that it might not rain, and for three years and six months it did not rain on the earth. 18Then he prayed again, and heaven gave rain, and the earth bore its fruit.
From the lexicon: Confess=agree, admit. Fault=missing the mark; guilt, sin, failure. Pray=interact with the Lord by switching human wishes for His wishes as He imparts faith. Heal=made whole. Effectual=putting forth power. Righteous=innocent.
Pulling it together: James 5:16 is set in the context of relationships between members of the local body of believers. Starting with verse 13, if any suffer affliction, they are to pray. Those who are in good spirits are to make melody to the Lord. Those who are weak are to call upon the leaders of the church for prayer with the promise that the prayer of faith i.e., that trusts in God, will save or deliver the one that is weak. The Lord will raise him up, i.e., rouse him from sleep and forgive his sins. Therefore (not in the King James but in other versions), confess your failings to one another so they can pray for you. In return pray for others as well. Why? Because the prayer of one who is in right standing with God is powerful interaction with Him, and He hears and will answer as He did Elijah.
Lord I pray for grace to keep short accounts with You and with my fellow believers.