The team said Wade is day to day, leaving his status for Thursday's game in Atlanta in doubt.
Wade first suffered the injury Dec. 28 in Charlotte when he landed awkwardly. He returned to that game and hit a game-winning shot and then hit another game-winner two days later in Minnesota. However, Wade has continued to experience discomfort on the bottom of his foot in the plantar fascia area.
Playing in back-to-back games Sunday and Monday irritated the injury and Wade was unable to recover enough to play against the Pacers.
"Playing on a back-to-back the other night did not help me at all and right now it is as sore as it has been," Wade said. "I'm trying to take time to be smart and see how it feels."
Heat coach Erik Spolestra said the schedule, which does not allow for much rest and includes games on three of the next four nights, played into the decision.
"With so many games in so many days we want to be smart about it and move on from it," Spoelstra said. "We want to make sure we nip this in the bud."
In the Heat's 100-92 loss to the Hawks on Monday, Wade struggled offensively, shooting just 4 of 17 as he became more of a jump shooter than usual. The injury has limited his ability to make cuts and beat his defender off the dribble.
"(The Hawks) were able to keep him in front of them for most of the night," Spoelstra said. "When he's healthy, that is tough to do."
Brian Windhorst covers the NBA for ESPN.com.