Introducing Peter Fine, Former CEO of Banner Health, as an Advisor to Define Ventures

We’re thrilled to welcome Peter Fine, longtime healthcare executive and former CEO of Banner Health, as an advisor to Define Ventures.

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Peter served as CEO of Banner Health for nearly 24 years, helping transform it into one of the largest nonprofit healthcare systems in the country. Under his leadership, Banner grew to operate 33 hospitals across six states, employ more than 55,000 people, and generate over $14 billion in revenue — becoming Arizona’s largest private employer in the process. He led the organization through significant growth and diversification, building new businesses across ambulatory care, diagnostics, rehabilitation, and insurance, while maintaining a mission to serve the full population. Prior to Banner, Peter held senior leadership roles at Aurora Health Care and Northwestern Memorial Hospital.

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Now Peter is bringing his decades of insight to early-stage health tech founders. At Define, he’ll serve as a trusted advisor — helping our companies think more critically, navigate complex healthcare systems, and build solutions that drive lasting impact.

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We sat down with Peter to hear more about his journey, why he’s excited to join Define, and what advice he has for founders looking to partner with health systems. 

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Can you tell us about your career path and what led you to become CEO of Banner Health?

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I went to grad school at George Washington University for healthcare administration, and my career moved around a lot by design — I was always thinking about how each role could build upon each other to lead to the next. I worked at Northwestern and then a major health system in Wisconsin before becoming COO at Aurora Health Care.

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When I became CEO at Banner, it gave me the opportunity to become a true change agent. We took Banner from a multistate system down to a core set of markets, turned it profitable in 12 months, and then invested heavily in ambulatory growth — including imaging, surgery centers, urgent care, rehab, lab partnerships, and insurance. We built new business lines while continuing to invest in acute care. When I retired in 2024, the company had grown to more than $14 billion in revenue and earned a national reputation.

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What were some of the most rewarding moments during your time at Banner?

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The growth was rewarding, of course. But more than that, it was building something sustainable that served everyone, not just the easiest-to-serve populations. Banner took care of Medicaid patients, Medicare patients, and commercial insured patients. We made it a mission to serve the whole community and did it while growing and diversifying the business.

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And I’ll say this, too: my proudest achievement may be that I had the chance to lead the organization for 24 years. That’s rare. That stability gave me the time to really make a difference.

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Why are you interested in advising Define partner companies now?

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I’ve learned a lot in healthcare, and my value as an advisor is asking the questions that no one else wants to ask. I challenge founders’ assumptions — not to poke holes, but to help them think more deeply about what really works.

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I’m also excited to be around entrepreneurs who move fast and build with energy. I always want to learn something new. This is a way to stay engaged intellectually while offering perspective on what actually matters to healthcare buyers.

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What excites you the most about healthcare innovation today?

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Healthcare desperately needs to be reinvented, but the challenge is that too many stakeholders are feeding from the same trough. Everyone has something to lose if the system changes. That’s why real disruption is so hard.

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But there are opportunities to reinvent pieces of it, particularly where you can either reduce costs or eliminate pain points. If a founder can’t do one or both, it’s going to be hard to make it in the long run. That’s what excites me: helping startups focus on solving real problems, not just building something “cool.”

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What advice do you have for founders trying to work with health systems?

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First, don’t get so caught up in your own excitement that you forget to ask: who actually makes the decisions in these systems? Health systems are mazes, and different organizations have different power structures, gatekeepers, and approval pathways. Just having a great product isn’t enough.

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You need to know how to navigate the politics, how to make your value heard, and how to prove that you can meaningfully reduce costs or relieve operational pain. Otherwise, you’ll end up frustrated, wondering why no one sees your value. I can help with that translation.

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