Heat the olive oil in a large deep skillet or Dutch oven over medium heat.
Add the sliced smoked sausage and cook for 5-6 minutes, stirring occasionally, until browned. Remove the sausage from the pan and set aside.
In the same pan, add the diced onion and red bell pepper. Cook for 4-5 minutes until the vegetables are softened.
Add the minced garlic and cook for 1 minute until fragrant.
Stir in the rinsed rice and cook for 2 minutes, stirring frequently, to lightly toast the rice.
Pour in the chicken broth and add the smoked paprika, dried thyme, salt, black pepper, and crushed red pepper flakes. Stir to combine.
Return the browned sausage to the pan and bring the mixture to a boil.
Reduce the heat to low, cover the pan, and simmer for 18-20 minutes, or until the rice is tender and the liquid is absorbed.
Remove the pan from heat and let it sit, covered, for 5 minutes.
Fluff the rice with a fork and stir in the chopped fresh parsley before serving.