Dempsey had scans after the game against the Sydney Swans on Saturday night, but managed to fly back to Melbourne last night.
He was stretchered off early in the third term after being crunched by Swan Nick Smith while running back with the flight.
Initial fears were he may have suffered some internal injuries, possibly a punctured lung, after coughing up blood.
But an Essendon official confirmed to AFL.com.au on Sunday that Dempsey had been cleared on that front.
"They thought that he may have suffered some internal injuries, but he's been given the all clear," the official said.
Dempsey's possible absence will be a big loss, as the Bombers try to apply the clamps to nippy Blues forward trio Jeff Garlett, Chris Yarran and Eddie Betts.
Out of the same game on Saturday night, Swans forward Tommy Walsh suffered a nasty looking hamstring injury.
The Swans say Walsh will go in for scans on Monday.
Gold Coast youngster Brandon Matera will also have scans on Monday, after he suffered a high ankle sprain against Geelong at Simonds Stadium on Saturday night.
Matera was one of the Suns' best floating across half-back with 18 disposals in the first half, before being substituted after the main break.
Ben Guthrie is a reporter for AFL.com.au. Follow him on Twitter: @AFL_BenGuthrie
