A major ingredient for kilonova lightcurves is the radioactive heating rate and its dependence on the electron fraction and velocity of the ejecta and, in principle, on the nuclear mass formula. Heating-rate formulae commonly used as the basis for kilonova models previously employed in the literature produce substantially different outputs for high electron fractions (Y-e greater than or similar to 0.3) and at late times (t greater than or similar to 1 day) compared to newer prescriptions. Here, we employ standard semianalytical models for kilonovae with better heating rate prescriptions valid for the full parameter space of kilonova velocities and electron fractions to explore the impact of the heating rate on kilonova lightcurves. We show the dangers of using inappropriate heating rate estimates by simulating realistic observations and inferring the kilonova parameters via a misspecified heating-rate prescription. While providing great fits to the photometry, an incorrect heating-rate prescription fails to recover the input ejecta masses with a bias significantly larger than the typical statistical uncertainty. This bias from an incorrect prescription has significant consequences for interpreting kilonovae, their use as additional components in gamma-ray burst afterglows, and understanding their role in cosmic chemical evolution or for multimessenger constraints on the nuclear equation of state. We showcase a framework and tool to better determine the impact of different modeling assumptions and uncertainties on inferences into kilonova properties.