Medical bills and credit standing?

After a recent hospital stay for a heart attack, we have received a bill in the amount of $2674.32 (after insurance payments and adjustments). The only option the hospital offers is to pay it in 6 equal installments. Being just regular joes with a middle cl paycheck, a payment of $450 per month is out of the question so they immediately turned it over to a collections agency. Will this hurt my credit? Any advice on how to make this easy without affecting my future?