The board comprising doctors of the Armed Forces Institute of Cardiology (AFIC) in Rawalpindi will have to ascertain 70-year-old Musharraf's condition and submit its findings to the court on January 24.
The special court set up to try Musharraf on high treason charges for imposing emergency in 2007 also exempted him from personal appearances till January 23.
"The court has asked the medical board to answer several questions. First is to find out whether Musharraf needs surgery or not. Second is to find out how long it will take for Musharraf to recover completely," Ahmed Raza Kasuri, a key member of the former president's legal team, told PTI.
Hashmi, who has treated Musharraf since 2006, stated that his medical reports show a significant amount of coronary artery disease which can result in a heart attack and lead to "significant cardiac mortality" if left untreated.
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However, Kasuri said no decision has been made by Musharraf's family or aides about sending him abroad.
Another senior lawyer in Musharraf's legal team, Mohammad Ali Saif, said no application has been made to the court to send him to the US.
Musharraf skipped another hearing in the special court despite being warned to appear today. His lawyer said his client could not appear because of ill-health.
Prosecutor Akram Sheikh argued that the court summoned Musharraf six times but the accused did not appear before the bench which can be considered contempt of court.