In a large mixing bowl, combine ground beef, bread, egg, minced onion, onion powder, garlic powder, hamburger seasoning, Frank’s Red Hot, 1 tsp Worcestershire sauce and salt and pepper to taste. Use your hands to mix and thoroughly combine ingredients.
Form meatballs by hand, using about 1 1/2 TBSP of ground beef mixture. You can also use a cookie scoop for this process to achieve more uniformly sized meatballs.
Place meatballs in a large skillet with a drizzle of oil and brown on all sides over medium high heat.
Remove meatballs from skillet and set aside. Add sliced onions to skillet and saute for 5 – 10 minutes until soft.
When onions are soft, add water, broth, remaining Worcestershire sauce, thyme and brown gravy mix to skillet. Stir to combine. Salt to taste.
Bring onion gravy to a simmer, then turn heat to medium low.
Add meatballs back to skillet. Continue to simmer for about 5 – 10 minutes or until gravy has reached desired thickness and meatballs are heated through. (If you need to thin gravy, add a small amount of broth or water)
Top with fresh parsley (if desired) and serve over rice or mashed potatoes.