Hal Paz, M.D., M.S. - Operating Partner at Khosla Ventures

Hal Paz, M.D., M.S. - the Doctor who Bets on Medicine's Future

// Operating Partner · Khosla Ventures · Menlo Park, CA

Hal
Paz

Physician. Scientist. CEO. Venture Investor.

The man who ran America's biggest health systems is now funding the startups that want to make them obsolete. He has been on every side of the table - researcher, dean, CMO, CEO - and he shows up at Khosla Ventures knowing where every body is buried.

100+
Publications
2x
Medical Dean
$5B+
Systems Led
0.98
Wordle Avg

The Doctor Who Ran the Hospitals Is Now Funding Their Disruption

Before Hal Paz started picking healthcare's next unicorns at Khosla Ventures, he was the person that healthcare unicorns needed to convince. He has sat in the CMO chair at CVS Health/Aetna - one of the largest payers on the planet. He has run the $5 billion Ohio State University Wexner Medical Center. He has led the Penn State Hershey Health System through a decade of 90% revenue growth. He has been a dean at not one, but two medical schools. He knows what it looks like when a pitch deck makes promises the real world can't cash.

That history is exactly why Khosla Ventures brought him in. The firm - famous for backing "black swan" companies across AI, clean energy, and deep tech - needed someone who could sit across from a founder selling an AI clinical decision tool and know, intuitively, whether the thing would survive contact with hospital procurement, regulatory review, and physician workflow. Paz is that person.

His path into venture was not a pivot; it was a long-running parallel track. While he was running Stony Brook University Medicine, he was serving on advisory boards for AI-driven health companies like Curai Health and watching Aetna's clinical analytics reshape how millions of people accessed care. At Ohio State, he watched telehealth visits explode from 50 a month to 2,800 a day during COVID - and understood that the pressure was permanent, not a pandemic anomaly.

At Khosla, Paz focuses on digital health, AI applications, and life sciences. He helped support Ellipsis Health's $45 million Series A in 2025, backing their AI care manager Sage - built to handle emotionally complex patient interactions at scale. He helped broker Khosla's strategic collaboration with Cleveland Clinic, creating a pipeline that lets portfolio companies test technologies inside one of the nation's premier medical centers. His value is not just capital. It is the fifteen phone calls he can make that no other venture partner in the room can make.

His research background adds another dimension. Over three decades he ran 19 clinical trials in ARDS and sepsis, published more than 100 papers, and trained at Johns Hopkins under some of the most rigorous pulmonary and critical care scientists in the country. He is not a generalist executive who wandered into medicine. He is a physician-scientist who happened to discover he was also very good at running large organizations - and at spotting the rare technology that bridges the gap between a clinical insight and a scalable business.

"AI is going to play a really important role going forward in this transformation."
- Hal Paz, M.D., M.S.
100+
Published Papers
19
Clinical Trials Led
30+
Years in Medicine
7+
Health System Boards
2
Medical School Deanships

A Map of American Medicine

1995 - 2006
Dean, Robert Wood Johnson Medical School
Selected as fifth dean of the medical school, also serving as CEO of the Robert Wood Johnson University Medical Group. Led academic medicine through a period of managed care disruption.
2006 - 2014
CEO, Penn State Hershey Medical Center
Served as CEO, Senior VP for Health Affairs, and Dean of Penn State College of Medicine. Drove 90% revenue growth over eight years. Chaired the AAMC Council of Deans (2012-2014). Built joint ventures with Select Medical, USPI, and Highmark.
2014 - 2019
EVP & Chief Medical Officer, CVS Health/Aetna
Led clinical strategy and policy for global operations. Built AetnaCare, an integrated health ecosystem in partnership with Merck and Medtronic. Spearheaded Aetna's response to the national opioid epidemic.
2019 - 2021
First Chancellor for Health Affairs, Ohio State University
Oversaw the $5 billion Wexner Medical Center and seven health science colleges. Approved a $1.8 billion, 26-floor hospital tower. Scaled telehealth from 50 visits/month to 2,800 per day. Launched a systemwide Anti-Racism Action Plan.
2021 - 2024
EVP Health Sciences, Stony Brook University Medicine
Led a major academic medical center in New York. Established the Center for Healthy Aging. Completed a 170,000 sq. ft. ambulatory care facility. Appointed to National Academies' ALS committee.
2024 - Present
Operating Partner, Khosla Ventures
Backs digital healthcare and AI health companies at one of Silicon Valley's most ambitious VC firms. Supported Ellipsis Health's $45M Series A. Brokered Khosla's strategic collaboration with Cleveland Clinic.

What Three Decades at the Bedside and the Boardroom Teaches You

There is a specific kind of credibility that Hal Paz carries into a startup boardroom. When a company pitches a tool that predicts sepsis earlier, he has personally run the clinical trials. When a company promises it can cut unnecessary hospital readmissions, he has had to answer for those readmission numbers in front of payers, trustees, and the media. When a company claims its AI can unlock capacity in an overcrowded emergency department, he has managed those departments - and has watched ten previous "solutions" fail to scale past the pilot.

That filter is rare in venture capital, which is crowded with operators-turned-investors who understand SaaS but struggle to model what happens when a healthcare product meets hospital IT procurement, physician skepticism, and CMS billing rules simultaneously. Paz does not struggle with that model. He has lived it on repeat, across four of the country's largest academic medical centers.

His research career shaped his intellectual instincts in a specific way. Critical care medicine - sepsis, ARDS, mechanical ventilation - is a field that rewards pattern recognition under uncertainty. You cannot wait for perfect data; you have to act. That same posture carries forward. Paz is not a "wait for the randomized controlled trial" investor. He has spent enough time at the frontier of scientific uncertainty to be comfortable betting on well-reasoned hypotheses before the evidence is airtight - which is precisely what early-stage venture requires.

His writing offers a window into his thinking. In a September 2024 op-ed for MedCity News, he took on what he called the "demographic time bomb" - a projected shortfall of 200,000 nurses and 124,000 physicians by 2030. His argument was not that AI would replace clinicians. It was that AI could extend what clinicians can do, allowing a system stretched thin to serve more people without proportionally more headcount. That framing - AI as leverage, not substitution - is consistent with Khosla Ventures' broader thesis about technology building what Vinod Khosla calls "doctor extenders."

The Cleveland Clinic collaboration, announced in late 2025, offers a glimpse of the infrastructure Paz is helping build. Portfolio companies get access to one of the most prestigious clinical environments in the world: real patient populations, credentialed physicians, and the kind of validation data that matters to hospital procurement committees. In exchange, Cleveland Clinic gets early access to emerging technology. It is exactly the kind of structural bridge between innovation and adoption that has historically been missing from healthcare venture - and it bears Paz's fingerprints.

Away from the office, Paz is married to Sharon H. Press, Ph.D., a child and adolescent clinical psychologist, with two adult children. He serves on the board of the Whitaker Center for Science and the Arts in Harrisburg, Pennsylvania. He finished a 60-mile sailing race. His Wordle average is 0.98 - which, if you know how Wordle scoring works, is nearly the theoretical maximum, and deeply consistent with the profile of a man who has spent a lifetime building systems that leave no margin for error.

Where Paz Focuses at Khosla Ventures

Healthcare Domain Emphasis

AI in Clinical Workflows95%
Digital Health Platforms90%
Life Sciences & Biotech85%
Health Equity & Access80%
MedTech & Medical Devices75%
Payer & Value-Based Care70%
// Career Arc - Organizations Led
Khosla Ventures
Operating Partner, Healthcare & AI
Apr 2024 - Present
Stony Brook University Medicine
EVP Health Sciences & CEO
Oct 2021 - 2024
Ohio State University Wexner Medical Center
Chancellor for Health Affairs & CEO
2019 - 2021
CVS Health / Aetna
EVP & Chief Medical Officer
2014 - 2019
Penn State Health
CEO & Dean, College of Medicine
2006 - 2014
Robert Wood Johnson Medical School
Dean & CEO, Medical Group
1995 - 2006

A Record Built in the Field

Modern Healthcare's 50 Most Influential Physician Executives
Named in 2018, recognizing cross-sector leadership spanning clinical medicine, academic research, and enterprise operations.
🔬
19 Clinical Trials in ARDS and Sepsis
Led a research program at the frontier of critical care medicine, studying the biological mechanisms of organ failure and developing device-based interventions.
🏥
$1.8 Billion Hospital Tower Approved
Championed the 26-floor expansion of Ohio State Wexner Medical Center - one of the largest healthcare construction projects in the country at the time.
📈
90% Revenue Growth at Penn State Health
Transformed a regional academic medical center over eight years through strategic partnerships, clinical growth, and institutional investment.
🏛️
National Academy of Medicine Leadership
Member of the Leadership Consortium and contributor to the Action Collaborative on Countering the U.S. Opioid Epidemic.
📡
2,800 Telehealth Visits Per Day
Led the telehealth scaling effort at Ohio State during COVID-19, growing from 50 monthly visits to nearly 3,000 daily - a 1,700x increase.

By the Numbers, By the Record

Research Background
Septic shock, ARDS & medical devices - 100+ publications across quality management, clinical outcomes, and employee health benefits
Board Roles
Current: Envision Healthcare, Research!America. Former: Select Medical, USPI, Vyteris, AAMC, seven health systems
Advisory Roles
Curai Health, Johnson & Johnson, USPI - bridging clinical validation and commercial scaling for health tech companies

Trained at the Best, Twice

🎓
University of Rochester
B.A. in Biology & Psychology; M.D.
1973-1977 / 1982
⚗️
Tufts University
M.S. in Life Science Engineering
1979
🏥
Northwestern University Medical Center
Internal Medicine Residency; Chief Medical Resident
1986
🫁
Johns Hopkins Hospital
Fellowship in Pulmonary, Critical Care & Sleep Medicine
Post-1986
🌿
Johns Hopkins Bloomberg School of Public Health
Postdoctoral Fellowship in Environmental Health Sciences
Post-1986
🎖️
Elizabethtown College
Honorary Degree
n/a
"When I got to Ohio State, we were doing 50 telehealth visits a month. We now do roughly 2,800 a day."
- Hal Paz, on scaling digital care delivery

In His Own Words

"AI is going to play a really important role going forward in this transformation."

"The digital approach is extraordinarily important - including things like autobots, where we have AI embedded in our webpage to guide patients through the vaccination process, to answer their questions in real time."

"The pandemic forced the healthcare industry to rethink processes, workflow, and how to more efficiently care for patients."

"We need to develop and prepare a modern healthcare workforce within an AI-driven environment" - on projections showing 200,000 nurse and 124,000 physician shortfalls by 2030.

The Details That Don't Make the CV

🟩
His average Wordle score is 0.98 - practically a perfect solve rate, listed proudly on the Khosla team page.
Completed a 60-mile sailing race. Whether that says more about endurance or stubbornness is unclear.
🗽
Born in New York City, raised in Dutchess County. Parents were immigrants who arrived after World War II.
👨‍👩‍👧‍👦
Married to Sharon H. Press, Ph.D., a child and adolescent clinical psychologist. They have two adult children.