Preheat oven to 350 degrees.
In a large mixing bowl, pour milk over bread slices and allow to soak for 2-3 minutes.
Add ground beef, egg, parmesan, salt, black pepper, and parsley to the bread in the bowl.
Using clean hands, mix the ingredients together. Form the well-combined mixture into a loaf and place on a broiler pan with foil-lined on the bottom (to allow the fat to drain a bit).
Neatly arrange the slices of bacon over the top, making sure to tuck the pieces under the meatloaf.
Pour and spread about ⅓ of the sauce over the meatloaf.
Bake for 45 minutes, until the edges of the meatloaf are nice and browned. Pour another ⅓ of the sauce over the top of the meatloaf, and bake for an additional 15 minutes.
Slice and serve with more sauce on the side.