In a 12-inch skillet cook meatballs over medium heat about 5 minutes or until browned. Remove meatballs from skillet. In the same skillet heat oil over medium heat. Add potatoes; cook for 8 to 10 minutes or until lightly browned, turning once.
Meanwhile, in a medium bowl combine soup, broth, cream cheese spread, thyme, and pepper.
Return meatballs to skillet; add vegetables. Pour soup mixture over mixture in skillet; stir to combine. Bring to boiling; reduce heat. Simmer, covered, about 5 minutes or until heated through.