Add bacon and onion to a pot over medium high heat. Cook until onion is translucent. Add potato, red pepper, thyme, pepper and chicken broth. Bring to a boil, reduce heat and let simmer 8 minutes.
Add corn and ham. Simmer an additional 7 minutes or until potatoes are cooked through.
Stir together milk and flour. Add into ham mixture and bring to a boil while stirring. Let boil 2 minutes.
Garnish with crumbled bacon and green onions if desired