COOK bacon in large skillet on medium heat until crisp. Remove bacon from skillet; set aside. Add onion to drippings in skillet; cook and stir until tender.
ADD 1 cup water, chicken broth and macaroni to skillet; bring to boil. Reduce heat to medium-low; cover. Simmer 10 minutes or until macaroni is tender.
ADD vegetables and cream cheese. Cook until cream cheese is melted and mixture is heated through, stirring frequently. Sprinkle with bacon and Parmesan cheese.