Indiana led 78-72 after Hill fed David West for a field goal with 4:29 to play but the Grizzlies quickly pulled close when Zach Randolph and Mike Conley each made shots with a Hill missed 3-point attempt in between.
Conley had a 3-pointer that that gave Memphis a 79-78 lead but George hit a 3-point shot of his own with 1:42 left.
Both teams went cold, with the Grizzlies going 0-for-4 and Indiana not even getting a shot off due to turnovers, until Randolph connected on a layup with 10.5 seconds left that tied the score.
Hill tried a shot with 1.4 seconds to go but was fouled by Conley. He missed the first free throw but made the second for the win.
Hill finished with 13 points, second on Indiana to the 14 from West while Paul George had 12 points and 10 rebounds. Memphis got 17 points from Wayne Ellington and 14 from Rudy Gay. Randolph and Conley each added 13.