If you control a "Prime Material Dragon", you can gain life points instead. However, take note that since no damage was inflicted, the monster will not be banished.
Chain a card that reduces that monster's Attack, such as "Shrink", to reduce the damage that you would receive. This includes effects that would permanently reduce the Attack because its Attack will be reset when it is Special Summoned to your side.
Since taking damage from this card coincides with banishing the monster, and thus the last thing to happen from this card (until the monster is Special Summoned), you can use "Damage Mage" to recover the Life Points you lost.
Use it on an opponent's powerful attacking monster if you can afford the damage. This way, you'll gain a very powerful monster of your own when your opponent's turn ends.