Brown beef in hot oil in a skillet,about 5 minutes.Add water chestnuts,red bell pepper,scallions and pepper.Cook,2 minutes longer.Mix broth,water,soy sauce and cornstarch;stir into beef mixture.Cook and stir until mixture thickens and comes to a full boil.Stir in rice.Cook;remove from heat.Let stand 5 minutes. Fluff with a fork.Makes 4 servings.