In a medium saucepan, combine the rice, chicken broth, and salsa. Bring to a boil over medium-high heat.
Once boiling, reduce the heat to low, cover, and simmer for 20 minutes, or until the rice is tender and the liquid is absorbed.
Remove the saucepan from the heat, add the shredded cheddar cheese, and stir until the cheese is melted and evenly distributed throughout the rice.