In the "official rules" post it reads: "It is scored by the most hits in the fastest time."

 

I take that to mean that 15 hits always beats 14 hits even if the shooter with 14 hits was (for example) 20 seconds faster, correct? Time is just a tie-breaker? Or is it scored like many other shooting competitions (including CAS) where a miss adds a time penalty?

Yep that's the way it's scored.  Total hits.  Time is the tie-breaker.

 

If the targets were to be hit in a certain sequence and you didn't hit the correct target, no 'P' either., it's a miss.

 

One club in Texas incorporates BAM into Long Range using steel targets with center bulls, and there is no timer.  Scored on points (1 point for steel, 2 points for bull), and a tie is broken by a shoot-off.  Good fun!