COOK and stir bacon in large skillet on medium heat until crisp. Remove bacon from skillet with slotted spoon; drain on paper towels. Add onions to drippings in skillet; cook and stir 5 min. or until crisp-tender.
ADD chicken broth, water and macaroni to skillet; stir. Bring to boil; cover. Simmer on medium-low heat 10 min. or until macaroni is tender.
ADD vegetables and cream cheese; cook 2 to 3 min. or until cream cheese is completely melted and mixture is well blended and heated through, stirring frequently. Sprinkle with bacon and Parmesan.