  We develop an effective low energy theory for multi-channel scattering of
cold atomic alkali atoms with particular focus on Feshbach resonances. The
scattering matrix is expressed in terms of observables only and the theory
allows for the inclusion of many-body effects both in the open and in the
closed channels.
  We then consider the frequency and damping of collective modes for Fermi
gases and demonstrate how medium effects significantly increase the scattering
rate determining the nature of the modes. Our results obtained with no fitting
parameters are shown to compare well with experimental data.
