Heart failure, the second leading cause of death in North America, can be mitigated through the surgical implantation of a ventricular assist device (VAD). Elevated hemodynamic stresses in VADs, however, can lead to two critical issues: the activation of platelets, resulting in thrombosis, and damage to blood cells, known as hemolysis. Both hemolysis and thrombosis significantly increase patient morbidity and mortality risks. High levels of hemolysis can cause multi-organ failure and death, whereas lower levels have been linked to pump thrombosis, an increased likelihood of thromboembolic stroke, deep-vein thrombosis, and a heightened risk of myocardial infarction. This research aims to explore the impact of hemolysis on thrombosis and to identify how VAD designs can be optimized to minimize these risks. This study employs a simulation-based approach to explore the interplay between hemolysis and thrombosis in ventricular assist devices. Utilizing incompressible finite-volume computational fluid dynamics, simulations are performed on an open-hub axial flow VAD. A comprehensive model of thrombosis, encompassing the intrinsic coagulation process, is augmented to include the effects of hemolysis. This model considers the activation of platelets due to shear stress, paracrine signaling, adhesion, and the release of hemoglobin and ADP during hemolysis. The interrelation of hemolysis and thrombosis is modeled by accounting for the hyper-adhesivity of von Willebrand Factor in the presence of extracellular hemoglobin and the increased rate of platelet activation triggered by ADP release. The study examines thrombosis under various inflow rates and rotor speeds, focusing on the influence of ADP release and hemoglobin-induced hyper-adhesivity. Additionally, a sensitivity analysis explores the effects of different inflow rates, rotor speeds, and geometric parameters of an open-hub axial-flow LVAD using the parametric optimization software CAESES. Findings indicate a mild but significant influence of hemolysis on thrombosis, varying with hemodynamic conditions. The study also examines the role of different geometric factors, such as blade geometry, blade count, and wetted area, on thrombogenicity and hemolysis. The research provides insights into the mechanisms of thrombus formation in LVADs in the presence of hemolysis and proposes anti-thrombogenic design principles for LVADs. Finally, it outlines potential directions for future research in this field.