Dr. Thomas Byrd performed the surgery, which included the "removal of loose fragments, repair of a torn labrum and a microfracture procedure to repair damaged cartilage," the Lakers said in a statement released Wednesday.
The recovery period following the procedure will be approximately six months, but Hill will be re-evaluated by Bird in a month, according to the statement.
Hill has missed the Lakers' past eight games after suffering the injury on Jan. 6, against the Denver Nuggets. Los Angeles has gone 2-6 during that span. Hill appeared in 29 games this season, averaging 6.7 points and 5.7 rebounds in 15.8 minutes.
Hill, 25, signed a two-year deal worth approximately $7 million with the Lakers in the offseason.
Hill's injury has allowed for the emergence of Earl Clark in the Lakers' rotation. Clark has averaged 11.0 points, 9.9 rebounds, 2.6 assists and 1.4 blocks in the past eight games entering Wednesday night.