Cook the penne pasta according to package instructions. Drain and set aside.
In a large skillet, melt the cream cheese over medium heat.
Stir in the milk, chicken broth, and ranch seasoning mix until smooth.
Add the shredded chicken, crumbled bacon, and cooked pasta, stirring to coat everything in the sauce.
Sprinkle shredded cheddar cheese on top and let it melt.
Season with salt and pepper to taste.
Garnish with chopped parsley, if desired. Serve warm.