Heat oil and butter in a skillet over medium. Add bacon, cook until crispy, about 5 minutes. Remove excess fat, if needed. Add garlic and shallot, cook until soft, about 3 minutes.

Stir in pepper, nutmeg, paprika and thyme. Deglaze with chicken broth, simmer for 2 minutes, while stirring and scraping the brown bits with a wooden spoon from the bottom of your skillet. Pour in cream and add grated Parmesan, stir until dissolved. Simmer over low, try not to boil it, about 5 minutes or until the sauce starts to thicken. Adjust salt to your own taste.

While the sauce is simmering, add ravioli to the pot with boiling water and cook, for about 3 minutes. Drain, reserving 1/4 cup cooking water.

Add ravioli and chopped parsley to the sauce, stir gently to combine. If needed, add a splash of cooking water to thin out the sauce.

Serve topped with red pepper flakes and lots of freshly ground black pepper. Enjoy!