Place beans in a large bowl and cover with cold water, 2 inches above the beans; let stand 8 hours to overnight. Drain and rinse.
In a large heavy bottom pot, over medium high heat, heat vegetable oil and cook smoked bacon, and sausage until the edges brown and bacon is starting to crisp, 5 to 7 minutes.
Add in onion, celery, and peppers to pot with sausage and cook while stirring until vegetables soften and start to turn translucent, 5 to 10 minutes.
Add garlic, and cook for 1 minute.
Stir red beans, chicken broth, bay leaves, black pepper, thyme, cayenne pepper, and hot sauce into the sausage mixture and bring to a boil.
Reduce heat to low, and simmer gently, stirring occasionally, for 1 1/2 hours. Taste, season with salt, and continue cooking, simmering on low until beans are soft, meat is tender, and desired consistency is reached, about 1 1/2 to 2 hours more.
Serve in bowls topped with green onion