The Rebels have suffered five successive defeats, a run of form that has left them in 13th position in the Super Rugby standings.
"We've had some discussions with Damien," Boland told reporters at a press conference.
"The coaching window and player recruitment window can't wait until the end of the season for those sorts of decisions so we need to make a decision on our coach well before the end of the year.
"We're all in the same boat. We need to see some performances that justify the team we've got and the effort everybody's putting in."
Hill is contracted until the end of the season.